Tom Sandell and his Sandell Asset Management are still trying to unlock that illusive shareholder value at Bob Evans (BOBE). Something Sandell has been working on for over two years now.

Sandell recently penned yet another letter to the company, asking for a sale of the packaged foods business to Post Holdings (POST). Bob Evans refused to spinoff or sale this business earlier this year when it said it would explore a sale-leaseback for owned real estate.

Post Holdings, the former pure-play on cereal, has been a serial acquirer. And with the outsider CEO Bill Stiritz still involved at Post Holdings, Sandell thinks a creative structure can be created to dodge taxes on the sale.

Sandell sees Post Holdings paying upwards of $950 million for the business, compared to the ~$900 million market cap of the entire company.