Food Business News - September 06, 2016 - 12

Investor renews call for the breakup of Bob Evans Farms C.e.o. says all options are under consideration for improving shareholder value NEW YORK - Sandell Asset Management, an investor in restaurant and packaged foods operator Bob Evans Farms, New Albany, Ohio, began publicly questioning the company's strategic focus in 2013. Since then Bob Evans Farms has revamped its board, brought in a new chief executive officer and tried a number of strategies to improve the overall value of the company. Dissatisfied with the results, on Aug. 26, Sandell said enough is enough and called for the breakup of the company. "Sandell believes that the stock price of Bob Evans (which opened at $37.64 on Aug. 26) does not reflect the significant value associated with the company's growing and highly-profitable packaged foods business, BEF Foods, which generated segment EBITDA in excess of $90 million for the fiscal year ending April 2016," Sandell said in a statement. In its presentation that accompanied its statement, Sandell Asset Management cited the valuation of such publicly traded food companies as B&G Foods, Inc., ConAgra 12 FOODBUSINESS NEWS ® Foods, Inc., and Hormel Foods Corp., as well as the mid- to high-teens multiples of EBITDA that have been paid in several recent transactions that have taken place in the packaged foods space. The investor went on to say it believes the value of BEF Foods may approach $1.2 billion, which exceeds the approximate $1.07 billion current enterprise value of the entire company. "Based on the foregoing, Sandell believes that the market is ascribing negative value to the company's restaurants business, which it finds all the more shocking considering that Bob Evans wholly-owns highly-valuable real estate associated with the land and buildings of over 300 of its restaurants, which is in addition to the 143 restaurants that were part of a recent $197 million sale-leaseback transaction," Sandell said. In fiscal 2016, ended April 29, BEF Foods generated $387,615,000 in sales. The business unit manufactures and markets three product lines to retailers and food service operators, including refrigerated side dishes, breakfast sausage and frozen foods. Side dishes made up 51% of sales followed by retail sausage (23%), food service (19%, with 7% of sales going to Bob Evans Restaurants), frozen (4%) and other (3%). "We believe Hormel Foods Corp. is a close comparable to BEF Foods in terms of underlying business mix and similar evolution away from a meat and protein-oriented business towards a branded, value-added packaged foods company," Sandell said in its presentation advocating for a spin-off. In explaining the logic behind its proposal, the investor said there are few synergies between Bob Evans Restaurants and BEF Foods; each operates independently of the other and has their own management teams; the new c.e.o., Saed Mohseni, has experience in restaurant operations, but little in packaged foods; and a separation would allow the management of each to be incentivized with equity directly tied to the performance of each segment. Taxes remain an issue, but four options recommended by Sandell may lessen any impact. The recommendations included spinning or splitting off BEF Foods; conducting a sponsored spin-off of BEF Foods; creating a reverse Morris Trust with BEF Foods or Bob Evans Restaurants; or spinning off the Bob Evans Restaurant business. "While we are not specifically advocating one option over the other, a spin-off of Bob Evans Restaurants merits further discussion, and we believe a spin-off of Bob Evans Restaurants could be effected on a tax-free basis," Sandell said. "If Bob Evans were to spin off Bob Evans Restaurants, the existing parent company Bob Evans would in essence become the standalone BEF Foods business and thus a pure-play packaged food company, which should trade in line with other packaged food companies ..." In a conference call with financial analysts to discuss Bob Evans Farms' first quarter results, Mr. Mohseni iterated that the company's board is engaged in identifying ways to improve shareholder value. " ... I think over the last seven months I've been very, very clear that all options for Bob Evans are under consideration by our board of directors," he said. "And I believe that ultimately the board will make a decision that is in the best interest of our shareholders and create value for our shareholders." The company's first-quarter results underscored the performances of BEF Foods and Bob Evans Restaurants. For the quarter ended July 29, Bob Evans Farms recorded net income of $9,162,000, equal to 46c per share on the common stock, and an increase compared with the same period September 6, 2016

Table of Contents for the Digital Edition of Food Business News - September 06, 2016

Food Business News - August 6, 2016
Campbell Soup Co. restructures C-Fresh unit
Implementing the Food Safety Modernization Act
Dairy Business News - Keeping dairy clean and authentic
Table of Contents
Web Contents
Editorial - Sanderson Farms’ lonely crusade
Investor renews call for the breakup of Bob Evans Farms
McDonald’s reshuffles leadership team as Andres prepares to retire
Post Holdings to acquire National Pasteurized Eggs
Snyder’s-Lance adds to portfolio with popcorn brand purchase
Kellogg showing ‘excellent visibility’ into cost savings
Building Baskin-Robbins into a retail powerhouse
THE PROTEIN SHIFT: From fauna to flora
Tall Tree Foods adds The January Co. to portfolio
Nestle deals with difficult pricing situation
Annie’s launching 30 new organic products this year
SunOpta struggles in the wake of recall, frozen fruit supply issues
A.H.A., Sugar Association spar over added sugars recommendation
Pinnacle Foods to close Evol plant in Colorado
PepsiCo introduces U.S.D.A. certified organic Gatorade
The transformation of Ips Snacks
THREE PATHS that large companies may follow
Even with sales slip, Smucker profits surge on lower coffee prices
Simplicity, convenience driving consumer breakfast decisions
Market Insight - Oversupply challenging egg and milk markets
Ingredient Trends - COMPETITION challenging confectionery market
Ingredient Innovations - Natural sweeteners partner up
Giving honey more marketing power
A clean label checklist
New Food Products
INGREDIENT MARKET TRENDS - Value of U.S. ag exports in F.Y. 2017 forecast at $133 billion
Ingredient Markets
Supplier Innovations and News
Classifieds
Marketplace
Ad Index
Food Business News - September 06, 2016 - Dairy Business News - Keeping dairy clean and authentic
Food Business News - September 06, 2016 - 2
Food Business News - September 06, 2016 - 3
Food Business News - September 06, 2016 - Table of Contents
Food Business News - September 06, 2016 - 5
Food Business News - September 06, 2016 - Web Contents
Food Business News - September 06, 2016 - 7
Food Business News - September 06, 2016 - Editorial - Sanderson Farms’ lonely crusade
Food Business News - September 06, 2016 - 9
Food Business News - September 06, 2016 - 10
Food Business News - September 06, 2016 - 11
Food Business News - September 06, 2016 - Investor renews call for the breakup of Bob Evans Farms
Food Business News - September 06, 2016 - McDonald’s reshuffles leadership team as Andres prepares to retire
Food Business News - September 06, 2016 - Post Holdings to acquire National Pasteurized Eggs
Food Business News - September 06, 2016 - Snyder’s-Lance adds to portfolio with popcorn brand purchase
Food Business News - September 06, 2016 - Kellogg showing ‘excellent visibility’ into cost savings
Food Business News - September 06, 2016 - 17
Food Business News - September 06, 2016 - Building Baskin-Robbins into a retail powerhouse
Food Business News - September 06, 2016 - 19
Food Business News - September 06, 2016 - THE PROTEIN SHIFT: From fauna to flora
Food Business News - September 06, 2016 - 21
Food Business News - September 06, 2016 - 22
Food Business News - September 06, 2016 - Tall Tree Foods adds The January Co. to portfolio
Food Business News - September 06, 2016 - Nestle deals with difficult pricing situation
Food Business News - September 06, 2016 - Annie’s launching 30 new organic products this year
Food Business News - September 06, 2016 - 26
Food Business News - September 06, 2016 - SunOpta struggles in the wake of recall, frozen fruit supply issues
Food Business News - September 06, 2016 - 28
Food Business News - September 06, 2016 - A.H.A., Sugar Association spar over added sugars recommendation
Food Business News - September 06, 2016 - Pinnacle Foods to close Evol plant in Colorado
Food Business News - September 06, 2016 - 31
Food Business News - September 06, 2016 - PepsiCo introduces U.S.D.A. certified organic Gatorade
Food Business News - September 06, 2016 - 33
Food Business News - September 06, 2016 - The transformation of Ips Snacks
Food Business News - September 06, 2016 - 35
Food Business News - September 06, 2016 - THREE PATHS that large companies may follow
Food Business News - September 06, 2016 - 37
Food Business News - September 06, 2016 - Even with sales slip, Smucker profits surge on lower coffee prices
Food Business News - September 06, 2016 - 39
Food Business News - September 06, 2016 - Simplicity, convenience driving consumer breakfast decisions
Food Business News - September 06, 2016 - 41
Food Business News - September 06, 2016 - 42
Food Business News - September 06, 2016 - Market Insight - Oversupply challenging egg and milk markets
Food Business News - September 06, 2016 - 44
Food Business News - September 06, 2016 - 45
Food Business News - September 06, 2016 - Ingredient Trends - COMPETITION challenging confectionery market
Food Business News - September 06, 2016 - 47
Food Business News - September 06, 2016 - 48
Food Business News - September 06, 2016 - 49
Food Business News - September 06, 2016 - 50
Food Business News - September 06, 2016 - 51
Food Business News - September 06, 2016 - Ingredient Innovations - Natural sweeteners partner up
Food Business News - September 06, 2016 - 53
Food Business News - September 06, 2016 - 54
Food Business News - September 06, 2016 - 55
Food Business News - September 06, 2016 - Giving honey more marketing power
Food Business News - September 06, 2016 - 57
Food Business News - September 06, 2016 - 58
Food Business News - September 06, 2016 - 59
Food Business News - September 06, 2016 - 60
Food Business News - September 06, 2016 - A clean label checklist
Food Business News - September 06, 2016 - 62
Food Business News - September 06, 2016 - 63
Food Business News - September 06, 2016 - New Food Products
Food Business News - September 06, 2016 - 65
Food Business News - September 06, 2016 - 66
Food Business News - September 06, 2016 - INGREDIENT MARKET TRENDS - Value of U.S. ag exports in F.Y. 2017 forecast at $133 billion
Food Business News - September 06, 2016 - Ingredient Markets
Food Business News - September 06, 2016 - 69
Food Business News - September 06, 2016 - 70
Food Business News - September 06, 2016 - 71
Food Business News - September 06, 2016 - 72
Food Business News - September 06, 2016 - 73
Food Business News - September 06, 2016 - 74
Food Business News - September 06, 2016 - 75
Food Business News - September 06, 2016 - 76
Food Business News - September 06, 2016 - 77
Food Business News - September 06, 2016 - Supplier Innovations and News
Food Business News - September 06, 2016 - 79
Food Business News - September 06, 2016 - 80
Food Business News - September 06, 2016 - Classifieds
Food Business News - September 06, 2016 - 82
Food Business News - September 06, 2016 - Marketplace
Food Business News - September 06, 2016 - 84
Food Business News - September 06, 2016 - Ad Index
Food Business News - September 06, 2016 - 86
Food Business News - September 06, 2016 - 87
Food Business News - September 06, 2016 - 88
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