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CPB

Campbell Soup

$42.63

0.64 (1.52%)

14:45
08/09/18
08/09
14:45
08/09/18
14:45

Third Point confirms 5.7% Campbell stake, says sale 'only justifiable outcome'

Third Point confirmed in a regulatory filing that its funds expended an aggregate of approximately $686,442,376.90 of their own investment capital to acquire 17M shares of Campbell Soup stock, representing a stake of 5.65%. In the filing, Third Point states in part: "The Reporting Persons acquired most of their Capital Stock following the Issuer's disastrous fiscal 3q18 earnings report and the unexpected departure of the Issuer's Chief Executive Officer Denise Morrison. The Reporting Persons believe that the subsequently announced strategic review, if conducted properly, will create significant value for the Issuer's shareholders...The Reporting Persons understand from our conversations with the Issuer's Interim Chief Executive Officer, Keith R. McLoughlin, and the Issuer's public statements that all options, including a sale, are being evaluated in the ongoing strategic review. The Reporting Persons are encouraged by recent press reports suggesting that a sale process is already underway. Given the significant obstacles facing the Issuer, the Reporting Persons believe that the only justifiable outcome of the strategic review is for the Issuer to be sold to a strategic buyer...The Reporting Persons insist that the Issuer's Board conduct a rigorous strategic review that results in the best outcome for investors. The Issuer's Board must weigh the value of the Issuer to a strategic buyer today versus the present value of alternate "go it alone" scenarios, adjusted for execution risk. The Group will continue to advocate strongly for shareholders during the strategic review and may seek Board representation if we conclude that the Issuer's Board failed to discharge its fiduciary duty."

CPB Campbell Soup
$42.63

0.64 (1.52%)

06/25/18
JPMS
06/25/18
NO CHANGE
Target $67
JPMS
Overweight
Kraft, Campbell deal may not occur, but 'in the end, money talks,' says JPMorgan
On Friday night, The New York Post reported that Kraft Heinz (KHC) "is very much interested in buying Campbell (CPB) -- and believes the soup maker's management will start a sales process soon." JPMorgan analyst Ken Goldman told investors in a research note that there are arguments for a potential deal, including the use of Campbell as a "stepping stone" to a larger deal down the road, ownership of the Campbell Soup label, but arguments against it include that Campbell "does not seem to fit" in Kraft's desire to buy growth-type assets that have international expansion potential. Goldman says he "would be surprised" if Kraft wanted Campbell, as it does not solve Kraft's growth problem and is facing "numerous" internal challenges, and does not see a deal occurring. However, Goldman notes that "in the end, money talks," and a deal cannot be dismissed out of hand. Goldman has an Overweight rating and $67 price target on Kraft Heinz shares.
06/25/18
STFL
06/25/18
NO CHANGE
STFL
Hold
Campbell more likely to focus on divestitures than outright sale, says Stifel
Following a New York Post report suggested that Kraft Heinz (KHC) is interested in purchasing Campbell Soup (CPB), Stifel analyst Christopher Growe stated in a note to investors entitled "Mmm, Mmm...Maybe" that he believes Campbell will not pursue an outright sale and will instead focus on small divestitures in front of its deal for Snyder's Lance. While an acquisition of Campbell Soup could bring significant EPS accretion to Kraft Heinz, Growe also believes it would have a negative impact on Kraft's multiple as it would perpetuate the negative perceptions of the company's growth rate, he tells investors. He keeps a Buy rating on Kraft Heinz shares and a Hold rating on Campbell Soup.
06/26/18
BERN
06/26/18
NO CHANGE
BERN
Kraft Heinz buying Campbell will not solve 'perception problem,' says Bernstein
Bernstein analyst Alexia Howard note that The New York Post reported that Kraft Heinz (KHC) would be interested in buying Campbell Soup (CPB) should the company decide to put itself up for sale. Based on her accretion analysis, the analyst believes the deal could be slightly EPS dilutive before synergies, and 13%-22% accretive for Kraft Heinz after incorporating cost synergies. Despite the potential EPS accretion, Kraft Heinz buying Campbell Soup will not solve the company's "perception problem," Howard contends, adding that there seems to be a belief that the boards of potential target companies may be unwilling to sell to Kraft Heinz because of the company's poor track record of managing the top line, particularly in the U.S.
06/26/18
SBSH
06/26/18
NO CHANGE
SBSH
Buy
Citi sees 'low probability' of Campbell Soup putting itself up for sale
After the New York Post said that Kraft Heinz (KHC) would be interested in acquiring Campbell Soup (CPB), Citi analyst David Driscoll said he thinks Campbell deciding to sell itself entirely is a "low probability event" and he believes the company is more likely to pursue divestitures. However, in the low probability scenario that Campbell is put up for sale, his "unconventional pick" for a buyer is Conagra (CAG) rather than Kraft, Driscoll added. He maintains a Buy rating on Campbell Soup shares, which closed up 9% at $42.23 yesterday following the Post's report.

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