NEW YORK (The Deal) -- Bob Evans Farms on Tuesday said it will not spin-off its food processing and packaged goods business even though a minority slate of four dissident directors on its 12-person board were elected by an activist who urged the company to do so. Shares slid more than 20% after the news. According to a statement from the company's finance committee, a separation of its BEF Foods unit, "would not enhance shareholder value." Keeping it combined with the restaurant business made more sense, the statement added.