The Morning Brief: Sandell Cuts Bob Evans Stake

Sandell Asset Management sold nearly 83,000 shares of Bob Evans Farms, reducing its stake to 7 percent. In a regulatory filing, the New York activist hedge fund firm headed by Thomas Sandell said it is “disappointed” the restaurant company did not announce a specific plan on its March 2 investor conference call to retain an investment bank that would help develop a plan to separate the Bob Evans Restaurants from its BEF Foods business or devise other ways to boost the stock.

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