ISS Recommends Bob Evans Shareholders Vote To Elect Sandell Nominees

(RTTNews) - Sandell Asset Management Corp., one of the largest shareholders of Bob Evans Farms Inc. (BOBE), announced that Institutional Shareholder Services or ISS, an independent proxy voting advisory firm, has recommended that Bob Evans shareholders vote on the GOLDproxy card.

Bob Evans shareholders "DO NOT VOTE" on the Company's white proxy card to follow the ISS recommendation.

In reaching its conclusion, ISS acknowledged the serious lack of oversight and accountability demonstrated by the Bob Evans Board. ISS concluded that shareholders should vote on the GOLD proxy card, saying: "In aggregate, the dissident has made a compelling case - based on the board's lack of responsiveness to long-term trends in operating weakness and underperformance; its willingness to accept external challenges beyond the reach of management as the root cause of poor performance even as evidence mounted that peers, facing similar external challenges, were successfully addressing them; and worrisome signals of a malleable sense of good corporate governance within the boardroom itself - that change at the board level is necessary."

Tom Sandell, CEO of Sandell Asset Management, said, "This conclusion from ISS supports our contention that change is needed at Bob Evans in order to deliver value to all shareholders...... We remain convinced that comprehensive change is needed at Bob Evans and that our entire slate of Nominees is the best choice to deliver it. We look forward to continuing to make our case to shareholders in advance of the Annual Meeting."