Sandell to Sell Part of Bob Evans to Post Holdings
Sandell recently penned yet another letter [seen here] to the company, asking for a sale of the packaged foods business to Post Holdings (POST). Bob Evans refused to spinoff or sale this business earlier this year when it said it would explore a sale-leaseback for owned real estate.
Post Holdings, the former pure-play on cereal, has been a serial acquirer of late. And with the outsider CEO Bill Stiritz still involved at Post Holdings, Sandell thinks a creative structure can be created to dodge taxes on the sale.
Sandell sees Post Holdings paying upwards of $950 million for the packaged foods business, compared to the ~$900 million market cap of Bob Evans.