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  "documentTitle": "Bob Evans Farms, Inc. (BOBE)",
  "authorId": "08_Sandell",
  "authorName": "Sandell Asset Management",
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  "presentationDate": "2013-09-01 00:00:00",
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  "notes": "The slide calculates equity value by adjusting EBITDA for rent, adding cash/proceeds, and subtracting debt, then dividing by pro-forma shares.",
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      "text": "Pro-forma for the preceding transactions, a stock price of between approximately $73 per share and $84 per share, or an average price of $78.50 per share, could be justified.",
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      "text": "Price per Share: $78.50",
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      "text": "Pro-forma for the preceding transactions, a stock price of between approximately $73 per share and $84 per share, or an average price of $78.50 per share, could be justified.",
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      "text": "(1) Internal estimates, adjusted for 1-time and other costs. (2) Assumes internally estimated tax-efficiencies.",
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      "text": "Pro-Forma Valuation",
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      "evidence": "The proposed steps to separate BEF Foods, extract value from real estate, and repurchase shares via a self-tender offer are presented as solutions.",
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