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July 7, 2014
20:01 EDTBOBEBob Evans 'corrects' Sandell Asset Management statement
Bob Evans Farms made the following statement with respect to settlement discussions with Sandell Asset Management Corp. and its affiliates. "Sandell today chose to issue a press release omitting details of both Sandell's and the company's actual proposals to settle the proxy contest, which was initiated by Sandell," said Bob Evans CEO Steven A. Davis. "Sandell did not disclose that its latest proposal would have required, among other things, that two-thirds of the board and its entire finance committee be comprised of either new directors or directors with only recent experience with the company's business operations, strategy and customers. Under Sandell's, proposal, only two of the board's eleven independent directors would have had more than three years of experience with the company. Additionally, Sandell demanded that the company reimburse up to $2M of Sandell's expenses." The board does not believe the Sandell proposal is in the best interests of all stockholders. Moreover, contrary to what Sandell says, the board has continued to try to reach a constructive resolution to avoid a costly and divisive proxy contest. Rather than responding in good faith to the board's latest proposal, Sandell simply issued a press release more telling in its omissions than its facts.
News For BOBE From The Last 14 Days
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August 28, 2014
09:57 EDTBOBEOn The Fly: Analyst Downgrade Summary
Brown Forman (BFA, BFB, BF.A, BF.B) downgraded to Hold from Buy at Deutsche Bank... GT Advanced (GTAT) downgraded to Underperform from Market Perform at Raymond James... Genuine Parts (GPC) downgraded to Neutral from Buy at SunTrust... InterMune (ITMN) downgraded to Neutral from Buy at UBS... Tesco (TSCDY) downgraded to Hold from Buy at Deutsche Bank... Visa (V) downgraded to Market Perform from Outperform at Raymond James... Williams-Sonoma (WSM) downgraded to Equal Weight from Overweight at Morgan Stanley... Bob Evans (BOBE) downgraded to Underweight from Equal Weight at Stephens... lululemon (LULU) downgraded to Neutral from Buy at DA Davidson... J.C. Penney (JCP) downgraded to Neutral from Buy at BTIG.
09:46 EDTBOBEBob Evans downgraded to Underweight at Stephens
As previously reported, Stephens downgraded Bob Evans to Underweight from Equal Weight, citing valuation and unrealistic expectations for highly accretive sales of its real estate holdings. The firm lowered its price target on the stock to $40 from $46.
07:09 EDTBOBEBob Evans downgraded to Underweight from Equal Weight at Stephens
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August 27, 2014
10:32 EDTBOBEBob Evans sees 'modest' pressure on cost of sales in Q2
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07:02 EDTBOBEOptions expected to be active
Options expected to be active: TIVO TIF SWHC ARUN BOBE ADI
August 26, 2014
16:08 EDTBOBEBob Evans sees Q2 sow cost $90-$95 per hundredweight from $80-$90
Sees Q2 SSS flat to low single-digit.
16:07 EDTBOBEBob Evans reaffirms FY15 adj. EPS view $1.90-$2.20, consensus $1.90
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16:03 EDTBOBEBob Evans reports Q1 adj. EPS 10c, consensus 10c
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15:25 EDTBOBENotable companies reporting after market close
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11:56 EDTBOBEBob Evans says four Sandell nominees elected to board
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August 20, 2014
16:03 EDTBOBEBob Evans increases share repurchase authorization to $150M
Bob Evans Farms' board of directors approved an increase of the company's current $100M share repurchase authorization to up to $150M and extended the authorization's expiration date to the end of fiscal year 2016.
10:45 EDTBOBEBob Evans says nominees likely to constitute majority of board
Bob Evans Farms announced that the company's Annual Meeting of Stockholders has concluded and votes are being reviewed and tabulated by IVS Associates. It added, "While the proxies and ballots are still being tabulated, and the Inspector has not yet delivered a preliminary report, Bob Evans believes, based on the advice of its proxy solicitor, that the Company's nominees will constitute a majority of the Board. The Company will wait to receive the Inspector's preliminary report before making any further statements about the vote, and will file the results on Form 8-K when they become available."
09:56 EDTBOBESandell confirms at least five nominees voted to Bob Evans board
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09:25 EDTBOBESadell wins at least five board seats at Bob Evans, CNBC reports
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