Gadfly's Tara Lachapelle noted that the sale of Bob Evans' restaurant chain follows an activist campaign by Sandell Asset Management, which has been pushing the company to rid its namesake restaurant chain so it can focus exclusively on its more lucrative packaged-food business.
Bob Evans Restaurants is selling its restaurant business.
"The board of directors has consistently evaluated all options for creating shareholder value", said Doug Benham, executive chairman of Bob Evans Farms. But BEF Foods is growing, while sales at the restaurants are shrinking, a trend that has hurt many casual-dining operators. "The new Bob Evans, further strengthened by the manufacturing and intellectual capital of (Pineland Farms Potato Co.), is positioned to be a higher profit and higher growth company that is expected to provide better returns to shareholders and an enhanced product line for customers".
Golden Gate Capital has multiple investments in the food industry, including Red Lobster and On the Border Mexican Grill & Cantina.
"The steps we took today are the transformation of Bob Evans", said CEO Saed Mohseni in an interview.
The split was announced after the market close. Wall Street is expecting earnings per share of $2.26 for the year.
As recently as August, Sandell was jumping on Bob Evans earnings calls to continue to press his case.
At the time, Sandell compared Bob Evans to Cracker Barrel Country Store, arguing investors place a premium on packaged foods businesses, particularly those with a strong brand.
While shares of Bob Evans are up in Wednesday trading activity, they are still well short of Sandell's original $84 per share vision. This will result in the special dividend being $7.50 per share.
But Chelsea will go eight points clear of their London rivals if they beat relegation-threatened Hull in Sunday's late match. Arsenal didn't make it easy on themselves this afternoon, but Burnley deserves plenty of credit for their effort.
Andhra Pradesh Chief Minister Chandrababu Naidu announced Rs 5 lakh compensation for the family of the victims of the accident. Prime Minister Narendra Modi also condoled the loss of lives in the accident.
Metallica and Carrie Underwood each have one nomination at the upcoming Grammy Awards , while Keith Urban now has two. The 59th Grammy Awards will be hosted by funnyman James Corden from the Staples Center in Los Angeles .
In his position, he will play a key role in helping to set the president's policies toward Russian Federation . Flynn, however, is also allegedly being investigated - and he has an office in the West Wing.
One Banjul-based diplomat described the provision for Jammeh to return to The Gambia without hindrance as ill-advised. Fearing violence, about 45,000 people have fled Gambia for Senegal, according to the United Nations refugee agency.
Young students also came out in support of jallikattu; holding banners of "ban PETA " and "we want jallikattu ". In other areas, Ministers from the respective regions will inaugurate the sport at 11 am, Panneerselvam said.
Rival clan leaders and extremist groups such as the al-Shabaab took advantage of the power vacuum, growing in size and strength. At least 13 people have been killed after militants set off a auto bomb at the gate of a hotel in Somalia and stormed inside.
Towns is now third in the National Basketball Association in double-doubles with 33 and is 18in scoring at 21.8 points per game. Joel Embiid and Karl-Anthony Towns are ready for their in-game, three-point shootout.
Israel tested that theory Sunday when Jerusalem city officials approved building permits for 566 new homes in east Jerusalem. Conversely, Mr Trump has challenged the idea that halting settlement expansion is a prerequisite for peace negotiations.