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Bob Evans sells restaurant business, adds to food operation; shares halted

Jan. 24, 2017 4:16 PM ETBob Evans Farms, Inc. (BOBE) StockBy: Stephen Alpher, SA News Editor2 Comments
  • 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.

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