  A drastic modification of electronic band structure is predicted in bilayer
graphene when it is placed between two ferromagnetic insulators. Due to the
exchange interaction with the proximate ferromagnet, the electronic energy
dispersion in the graphene channel strongly depends on the magnetization
orientation of two ferromagnetic layers, $\mathbf{M_{1}}$ and $\mathbf{M_{2}}
$. While the parallel configuration $\mathbf{M_{1}}= \mathbf{M_{2}}$ leads to
simple spin splitting of both conduction and valence bands, an energy gap is
induced as soon as the angle $\theta$ between $\mathbf{M_{1}}$ and $%
\mathbf{M_{2}}$ becomes non-zero with the maximum achieved at $\theta=\pi$
(i.e., antiparallel alignment). Consequently, bilayer graphene may exhibit a
sizable magnetoresistive effect in the current-in-plane configuration. A rough
estimate suggests the resistance changes on the order of tens of percent at
room temperature. This effect is expected to become more pronounced as the
temperatures decreases.
