Sandell Asset Management sold nearly 83,000 shares of Bob Evans Farms, reducing its stake to 7 percent. In a regulatory filing, the New York activist hedge fund firm headed by Thomas Sandell said it is “disappointed” the restaurant company did not announce a specific plan on its March 2 investor conference call to retain an investment bank that would help develop a plan to separate the Bob Evans Restaurants from its BEF Foods business or devise other ways to boost the stock. Sandell stressed “there are compelling business reasons” to separate the two businesses and that “it is currently an ideal time to do so.” Sandell called on the company to “immediately retain” an investment bank, adding it plans to “actively discuss” future board representation with management, the board, shareholders, and other third parties.
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Starboard Value continues to cut its stake in Darden Restaurants, bringing down its position to 6.2 percent. Last month, Starboard said it planned to unload 30 percent of its stake. In 2014 the New York hedge fund firm, headed by Jeffrey Smith, won its proxy fight with Darden.
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Barclays raised its price target on Qlik Technology from $26 to $32 and maintained its overweight rating after hedge fund Elliott Management Corp. disclosed it owns 8.8 percent of the stock, noting that it “will likely push for operational changes that will lead to margin improvements.” The bank points out in a note to clients that in the past Elliott has sometimes pushed for a sale of one of its tech holdings, either to a strategic shareholder, or to a sponsor. Barclays adds that Qlik is a good fit for Elliott “given that the company’s cost structure is well above peers, and can no longer be justified now that the growth has meaningfully decelerated.”
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The Credit Suisse Liquid Alternative Beta Index rose 0.13 percent in February. It is down 1.29 percent for the year. Managed futures have so far led the way, gaining 3.03 percent for the month and 6.44 percent for the year.
