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