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August 1, 2014
09:02 EDTBOBEBob Evans calls Sandell proposals 'short-sighted, unsustainable'
Bob Evans Farms announced it has mailed a letter to the company's stockholders discussing the board of directors' determination that proposals made by Sandell Asset Management are "short-sighted, unsustainable and not in the best interests of all stockholders." In the letter, Lead Independent Director Michael Gasser and Chairman and CEO Steven Davis, on behalf of the board, urged stockholders to elect the nominees recommended by the board. They noted that after carefully evaluating the ideas presented by Sandell, the Board has concluded that: "1) BEF Foods is an important component of the company's long-term growth plan, and disposing of it immediately would not maximize stockholder value; 2) Based on our analysis, Sandell's rationale for a sale-leaseback of the BER real estate assets is flawed; and 3) Sandell's share repurchase demands are based on what we believe are unrealistic assumptions. Bob Evans, meanwhile, has consistently and responsibly returned more than $800M of capital to its stockholders since FY 2007, including a total of $225M of stock repurchases in FY 2014."
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