It jumped 4% today on this: http://archive.fast-edgar.com//20160922/AE2ZW222822282ZZ2P2F2CNII7J2Z222ZC82/ Two questions. 1) Is an eight percent stake big enough to push for this successfully? "Item 4 of the Schedule 13D is hereby amended and supplemented by the addition of the following: The Reporting Persons believe that the Issuer must now publicly commit to a transparent process leading to the separation of its BEF Foods and Bob Evans Restaurants business segments or a similar alternative that maximizes shareholder value. The Reporting Persons may pursue a consent solicitation to solicit written consents from the Issuer’s shareholders in order to facilitate the aforementioned separation, or pursue other alternatives available to the Reporting Persons. The Reporting Persons have had discussions, and the Reporting Persons intend to have further discussions, with the Board, management, shareholders and other interested parties and advisors regarding such matters." 2) Why would they buy $45 Calls? They must really believe in the value/feasability of the spin-off huh? Time to buy?! "The Reporting Persons have purchased call option contracts covering 337,700 shares of Common Stock with an exercise date of March 17, 2017 and a strike price of $45.00." Other than the joint filing agreement, the options and items otherwise described in the Schedule 13D, the Reporting Persons have no contracts, arrangements, understandings or relationships with any persons with respect to securities of the Issuer.
Something made it drastically drop in around June here financial release. If the conditions change back to status quo before this event then $45 seems more likely than not. Seems like just a bad quarter to me with slightly stagnating growth. If they can lift stock holders confidence its seems like a good bet. Only thing i don't know is can they sell the options and make some coin that way instead of buying them themselves.