- The buyer of Bob Evans Restaurants for $565M in Golden Gate Capital. Net proceeds to Bob Evans Farms (NASDAQ:BOBE) should be $475M-$485M. Funds will be used to pay down related debt and pay out a special dividend of about $150M, or $7.50 per share.
- Next up, the newly focused food company is buying Pineland Farms Potato Company for $115M, with the purchase to be funded by fresh borrowing.
- Both deals are expected to close by the end of fiscal 2017 (April 28).
- Full-year fiscal 2017 non-GAAP EPS guidance of $2.15-$2.30 is reaffirmed.
- Fiscal 2018 revenue target of $470M, and EBITDA of $105M.
- Conference call tomorrow at 8:30 ET.
- Shares are currently halted from trade.