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Takeaway: We are removing Bob Evans from our high-conviction stock idea list.

Sandell only won four board seats after gunning for eight.  We’re not quite sure what shareholders were thinking when they voted, but the fact of the matter is they’d be better off with Sandell in control of the board.  

BOBE: Removing Bob Evans Restaurants from Investing Ideas - be3

CEO Steven Davis and Lead Director Michael remain in place, which is a big concern for us.  Remember, they led Bob Evans into this mess in the first place. 

Same-store sales trends continue to be uninspiring despite management’s attempt to stem the decline. 

Sandell was the company’s savior, not the Broasted Chicken, and shareholders must now hope that four board members have enough pull to drive material change. 

We’re not sold on this happening.