Bob Evans Farms' investor Sandell Asset Management said that at least six private-equity firms are eyeing the company's food business, BEF Foods.
As reported in the Wall Street Journal, the potential bidders for Bob Evans include Spirit Realty Capital, American Realty Capital Properties, Store Capital and National Retail Properties.
Sandell, which owns nearly 9.2% stake in Bob Evans, said the food company's real estate assets are valued over $900m.
Bob Evans has been under pressure by Sandell to divest its food business and real estate assets.
BEF Foods produces and distributes retail pork sausage, refrigerated side dishes, and frozen convenience and foodservice items.
Bob Evans Farms has been battling difficult market conditions. It generated $326.3m in total net sales in the first quarter of 2015, down 0.9% compared to the previous year.
According to the company, BEF Foods' operating income negatively impacted $6.7m due primarily to a 39% increase in Q1 2015 sow costs relative to the prior year period.
