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The activist manager is reducing its stake in the company following a victory in its campaign.
Fresh off its activist victory, Thomas Sandell's Sandell Asset Management is starting to reduce its stake in Bob Evans Farms. The hedge fund firm sold nearly 285,000 shares on six different days in the second half of March, conspicuously lowering the stake to 4.9 percent. As a result, it no longer needs to make timely filings when it sells additional shares. The move comes two months after the company agreed to sell its Bob Evans Restaurants business to an affiliate of private equity firm Golden Gate Capital for $565 million, plus assumption of $40...