Bob Evans Farms, Inc.

Bob Evans trades at a conglomerate discount; spinning BEF Foods, monetizing 482 owned restaurants via sale-leaseback, and tendering at $58 unlocks ~$78.50/share.

Bob Evans trades at $37 while its packaged-foods segment alone is worth $1.2-1.6bn; spinning off Restaurants leaves a pure-play BEF Foods parent worth $57-79 per share.