Sandell Asset Management is again urging the board at Bob Evans Farms Inc.to sell off its packaged foods subsidiary, BEF Foods, suggesting that the deal could fetch the company almost $1 billion.
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Several research analysts have issued reports on the company.
Bob Evans (BOBE) announced its quarterly earnings results on Tuesday, Dec-1-2015. 453,142 shares of the company’s stock were exchanged.
“We have maintained an active dialogue with the Sandell Group about our business”, Bob Evans spokesman Scott Taggart said in an email. The company’s revenue was down -2.5% compared to the same quarter previous year.
Based on the Company’s recent Fiscal 2016 second quarter results along with various analyst estimates, it appears that BEF Foods may generate somewhere in the vicinity of $68 million in EBITDA this year, and we note that this figure is after the allocation of what we believe may be about $15 million of corporate overhead. The firm’s quarterly revenue was down 2.5% on a year-over-year basis.
In other Bob Evans Farms news, CFO Mark E. Hood purchased 2,200 shares of the business’s stock in a transaction on Friday, September 4th.
Bob Evans Farms Inc NASDAQ:BOBE has a 50 day moving average of 43.32 Dollars and a 200 day moving average of 46.76 USD. The firm has a market cap of $892.52 million and a price-to-earnings ratio of 42.90. The shares were acquired at an average price of $44.72 per share, for a total transaction of $98,384.00.
“As I have often said, restaurant turnarounds are not for the timid, and some of the challenges we faced during the quarter prove it”, said Doug Benham, executive chairman of Bob Evans Farms, during a December 2 earnings call with financial analysts. Shareholders of record on Monday, November 30th will be issued a $0.34 dividend. More interesting news about Bob Evans Farms Inc (NASDAQ:BOBE) was released by: Fool.com and their article: “Why Bob Evans Farms Inc Stock Rose 11% in June” with publication date: July 09, 2015. Following the acquisition, the chief financial officer now directly owns 16,309 shares in the company, valued at approximately $729,338.48. This represents a $1.36 annualized dividend and a yield of 3.41%. Furthermore, we understand that Post has a continuing, strong interest in pursuing a transaction with Bob Evans involving BEF Foods, and has the ability to creatively structure a transaction in a manner that could reduce or eliminate the tax consequences to Bob Evans.
According to Zacks Investment Research, “BOB EVANS FARMS, INC.is divided into two principal industry segments: the food products segment and the restaurant segment”. The ex-dividend date is Wednesday, November 25th. (NASDAQ:BOBE) is a full-service restaurant company.
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Sandell has been involved in a proxy fight with Bob Evans since 2013, and has been asking the company to separate its food-products business, BEF Foods, and its Bob Evans Restaurants properties. It offers its customers a dining experience by serving a variety of reasonably priced breakfast, lunch and dinner items in family-friendly settings. The Company’s BEF foods segment offers a range of wholesome food products to retail and foodservice customers. These food products are distributed to customers throughout the United States.
