Sandell Pleased by Announced Sale of Bob Evans Restaurants

Sandell Asset Management Corp. (“Sandell”), a long-time shareholder of Bob Evans Farms, Inc. (“Bob Evans” or the “Company”) (NASDAQ: BOBE), today released the following statement:

“We are pleased by the recent announcement that Bob Evans has entered into an agreement for the sale of its Bob Evans Restaurants (“Restaurants”) business segment to Golden Gate Capital for $565 million. This price is slightly higher than the $560 million valuation set forth in our presentation released on October 11, 2016 and the sale of Restaurants is one of the tax-favorable separation alternatives that we have been strongly advocating, as it enables Bob Evans to focus exclusively on realizing the full potential of its market leading Bob Evans Farms Foods (“BEF Foods”) business segment.”

“With the sale of Restaurants, Bob Evans will effectively become a stand-alone, pure-play packaged foods company given its continued ownership of BEF Foods. While Bob Evans, with its remaining ownership of BEF Foods, would be ideally positioned to operate independently, the present transaction as structured may also allow for a tax-efficient acquisition of BEF Foods by way of the purchase of the stock of Bob Evans (BOBE) at some point in the future.”

About Sandell Asset Management Corp.

Sandell Asset Management Corp. is a leading private, alternative asset management firm specializing in global corporate event-driven, multi-strategy investing with a strong focus on equity special situations and credit opportunities. Sandell Asset Management Corp. was founded in 1998 by Thomas E. Sandell and has offices in New York, Boca Raton, and London, including a global staff of investment professionals, traders and infrastructure specialists.

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