Sandell Asset Management files suite against Bob Evans

|About: Bob Evans Farms, Inc. (BOBE)|By:, SA News Editor

Sandell Asset Management files a lawsuit against Bob Evans (BOBE +0.4%) seeking to remove a requirement that a "super-majority" of shareholders is mandatory to change any corporate bylaws.

The hedge fund wants to see considerable changes on the company's aging board and a dramatic shift in strategy.

In Sandell's opinion, BOBE investors are sitting on a $80 stock.