An unnamed private-equity group is mulling a move for Bob Evans Farms’ packaged foods business, an activist investor in the US sausage maker has said.
Sandell Asset Management Corp., which owns just over 9% of Bob Evans Farms, announced the interest yesterday (24 September), without identifying the private-equity firm.
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The investor has been pushing Bob Evans Farms, which also runs over 500 restaurants in the US, to spin off its food processing arm. It has also been calling for Bob Evans Farms to sell some real estate assets.
Last month, SAMC succeeded in its bid to have nominees voted onto the Bob Evans Farms board.
“SAMC has been contacted by a private-equity firm interested in discussing a transaction involving the issuer’s wholly-owned food products division, BEF Foods, as well as several investment firms interested in engaging in a transaction involving the issuer’s real estate,” Sandell said in a SEC filing. “Certain of these firms have also indicated their interest in providing financing for a transaction that may result in a change of control or acquisition of the issuer. SAMC may engage in discussions with management of the issuer, as well as its board and other stockholders of the issuer, with respect to these third-party expressions of interest.”
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