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  "documentTitle": "Bob Evans Farms, Inc. (BOBE)",
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  "authorName": "Sandell Asset Management",
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  "presentationDate": "2013-09-01 00:00:00",
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  "notes": "Includes a specific quote from Hillshire Brands CFO to support the M&A thesis.",
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      "text": "Valued separately, we believe BEF Foods would realize a higher value than Bob Evans Restaurants, based upon the double-digit EBITDA multiples afforded to certain pure-play packaged food companies.",
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      "text": "Valued separately, we believe BEF Foods would realize a higher value than Bob Evans Restaurants, based upon the double-digit EBITDA multiples afforded to certain pure-play packaged food companies, compared with the single digit multiples where public restaurant companies trade. As such, the Company should take steps to separate BEF Foods, including filing a preliminary registration statement for an IPO, as a pre-cursor to a full spin-off.",
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      "text": "While we would encourage the exploration of a spin-off of the BEF Foods business, robust M&A activity in the packaged foods space may make a sale of BEF Foods another method to deliver shareholder value.",
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      "text": "A sale of BEF Foods at 11.0x EBITDA may be conservative given recent private market transactions involving packaged food companies such as Ralcorp and Heinz, which were acquired at multiples of 12.5x and 14.3x EBITDA, respectively, according to Bloomberg.",
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      "text": "Bob Evans Restaurants and BEF Foods are managed independently, have limited operational synergies, and taken together present a confusing story to investors, leading to a diminished valuation.",
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      "text": "EBITDA multiple: 11.0x",
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      "kind": "quote",
      "text": "Note recent comments from The Hillshire Brands Company's CFO Maria Henry in their May 2, 2013 conference call: \"We do see M&A as a way to create significant shareholder value...We'll have a discipline[d] approach to M&A, clearly, and we're looking for acquisitions that align with our strategic vision\".",
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      "text": "We do see M&A as a way to create significant shareholder value...We'll have a discipline[d] approach to M&A, clearly, and we're looking for acquisitions that align with our strategic vision. — Maria Henry, CFO of The Hillshire Brands Company",
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      "text": "(1) Internal estimates, adjusted for 1-time and other costs.",
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      "text": "BEF Foods FY 2014E EBITDA (1) $50.7 MM; Multiple of EBITDA 11.0 x; Proceeds from Sale of BEF Foods Business $557.7 MM",
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      "text": "Step 1 - Separate BEF Foods",
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