Six Firms Interested In Bob Evans' Real Estate: Reports

(RTTNews) - Six investment firms have shown interest in purchasing property assets of restaurant chain Bob Evans Farms Inc. (BOBE), according to a Wall Street Journal report citing people familiar with the matter.

The possible bidders include Spirit Realty Capital Inc, American Realty Capital Properties Inc, Store Capital and National Retail Properties Inc, the Journal reported.

New York-based Sandell Asset Management Corp., which holds about 9.2 percent stake in Bob Evans, had Wednesday revealed in a filing that a private-equity firm is interested in buying Bob Evans' food products division. The company also said that several investment firms have shown interest in Bob Evan's real estate properties.

For the last one year, Sandell has been pressuring Bob Evans to spin off BEF Foods, its food products business, to sell real estate and buy back shares in order to improve shareholder returns. Sandell estimates Bob Evans' property and buildings to be worth over $900 million.

In August, Bob Evans announced that four of Sandell's board nominees were elected to its 12-member board directors.

BOBE is currently trading at $47.39, down $0.14 or 0.29%, on the Nasdaq.