Actionable news
All posts from Actionable news
Actionable news in BOBE: Bob Evans Farms, Inc.,

Bob Evans: Waking Up to a Breakup

It's taken three years, but the Bob Evans breakfast chain may finally serve up what its activist investor ordered.

Sandell Asset Management has long wanted Bob Evans to separate its restaurant business from its packaged-foods division, which makes things like Bob Evans-branded sausage and frozen breakfast sandwiches that you can buy in supermarkets and convenience stores. In a sign that the New Albany, Ohio-based company may be moving in the breakup direction, Saed Mohseni, who became CEO of Bob Evans in January, had this to say on the company's first-quarter earnings call two weeks ago:

"The great thing about Bob Evans Foods and Bob Evans Restaurants is that both of these businesses are really independent businesses...And the synergies that exist between the two are mostly at the enterprise level rather than a division level."

His remarks are interesting because back in March 2015, under the old management, Bob Evans's board decided that there were too many beneficial...