Tom Sandell‘s Sandell Asset Management has filed a Form 13D with the SEC on its top stock holding as of the end of 2015, Bob Evans Farms Inc (NASDAQ:BOBE). The filing shows a small reduction in Sandell’s stake in the company, to just under 1.38 million shares, from about 1.41 million shares at the start of the year. More importantly, item 4 of the filing was updated to express the hedge fund’s displeasure with the lack of any concrete plans being proffered by Bob Evans Farms during the company’s March 2 investor call, in relation to studying the company’s options as far as splitting its businesses or increasing shareholder value in other ways.
Item 4 of the filing says the following:
“The Reporting Persons are disappointed that the Issuer did not announce any specific plan on its March 2, 2016 investor conference call to retain an investment banking firm to advise on the various options available in order to achieve a separation of the Bob Evans Restaurants and BEF Foods businesses or to otherwise increase shareholder value. The Reporting Persons continue to believe there are compelling business reasons to separate the Issuer’s Bob Evans Restaurants business segment and its highly-profitable BEF Foods business segment and that it is currently an ideal time to do so. The Reporting Persons believe that the Issuer must immediately retain and announce the retention of an investment banking firm to advise on the various options available in order to achieve a separation of the Bob Evans Restaurants and BEF Foods businesses. The Reporting Persons intend to actively discuss these matters as well as matters relating to shareholder board representation with the Issuer’s management, Board of Directors, shareholders, and other third parties.”
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Castlerigg Master Investments Ltd | 0 | 1,377,561 | 0 | 1,377,561 | 1,377,561 | (see Item 5) 7.0% |
| Castlerigg International Limited | 0 | 1,377,561 | 0 | 1,377,561 | 1,377,561 | (see Item 5) 7.0% |
| Castlerigg International Holdings Limited | 0 | 1,377,561 | 0 | 1,377,561 | 1,377,561 | (see Item 5) 7.0% |
| Castlerigg Offshore Holdings, Ltd | 0 | 1,377,561 | 0 | 1,377,561 | 1,377,561 | (see Item 5) 7.0% |
| Castlerigg Active Investment Fund, Ltd. (f k a Castlerigg Global Equity Special Event Fund, Ltd.) | 0 | 0 | 0 | 0 | 0 | (see Item 5) 0% |
| Castlerigg Active Investment Intermediate Fund | 0 | 0 | 0 | 0 | 0 | (see Item 5) 0% |
| Castlerigg Active Investment Master Fund, Ltd. (f k a Castlerigg Global Equity Special Event Master Fund Ltd.) | 0 | 0 | 0 | 0 | 0 | (see Item 5) 0% |
| Merrill Lynch Investment Solutions SICAV (on behalf of Merrill Lynch Investment Solutions Castlerigg Equity Event and Arbitrage UCITS Fund) | 0 | 0 | 0 | 0 | 0 | (see Item 5) 0% |
| Sandell Investment Services | 0 | 0 | 0 | 0 | 0 | (see Item 5) 0% |
| Sandell Asset Management Corp | 0 | 1,377,561 | 0 | 1,377,561 | 1,377,561 | (see Item 5) 7.0% |
| Thomas E. Sandell | 0 | 1,377,561 | 0 | 1,377,561 | 1,377,561 | (see Item 5) 7.0% |
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Page 1 of 20 SEC Filing
| SECURITIES AND EXCHANGE COMMISSION | |
| Washington, D.C. 20549 | |
| SCHEDULE 13D/A | |
| Under the Securities Exchange Act of 1934 | |
| (Amendment No. 14)* | |
| Bob Evans | |
| (Name of Issuer) | |
| Common Stock, | |
| (Title of Class of Securities) | |
| 096761101 | |
| (CUSIP Number) | |
| Marc Weingarten, Eleazer Klein, Esq. Schulte Roth & Zabel LLP 919 Third Avenue New York, New York 10022 | |
| (Name, Address and Telephone Number of Person | |
| Authorized to Receive Notices and Communications) | |
| March 4, | |
| (Date of Event Which Requires Filing of This Statement) | |
If the filing person has previously filed a statement on Schedule
13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule
13d-1(f) or Rule 13d-1(g), check the following box. [ ]
(Page 1 of 21 Pages)
______________________________
* The remainder of this cover page shall be filled out for a reporting
person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing
information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall
not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
