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  "docSlug": "e78d0b4cc40d",
  "documentTitle": "Bob Evans Farms, Inc. (BOBE)",
  "authorId": "08_Sandell",
  "authorName": "Sandell Asset Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-08-22 00:00:00",
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  "pageNumber": 18,
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  "nDataPoints": 45,
  "notes": "Includes a pro-forma EBITDA and net debt buildup table followed by a 2D sensitivity matrix.",
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      "text": "The following assumes that Bob Evans separates BEF Foods and Restaurants through a tax-free spin-off of its Restaurants business; that is, the existing parent company Bob Evans effectively becomes the stand-alone BEF Foods business and thus a pure-play packaged foods company",
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      "kind": "disclaimer",
      "text": "Source: SEC filings and internal estimates",
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      "text": "Note: We do not advocate an outright, tax-disadvantaged sale of BEF Foods. Should an effective sale of stand-alone BEF Foods eventually take place by way of a stock purchase of the parent company Bob Evans after the spin-off (or sale) of the Restaurants business, in a worst-case scenario that assumes the spin-off of Bob Evans Restaurants was ultimately deemed taxable, it is our belief that the corporate taxes incurred in such a scenario would be quite manageable and far, far less than the corporate taxes that would be paid in an outright, tax-disadvantaged sale of the BEF Foods segment",
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      "text": "Implied Bob Evans Value per Share: $79.16",
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      "text": "The following assumes that Bob Evans separates BEF Foods and Restaurants through a tax-free spin-off of its Restaurants business; that is, the existing parent company Bob Evans effectively becomes the stand-alone BEF Foods business and thus a pure-play packaged foods company",
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      "text": "Range of Potential Values",
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