Campbell Soup says Third Point presentation 'riddled with inaccuracies'
Campbell Soup issued the following statement in response to Third Point's published presentation: "Third Point's campaign to seize control of the Board can be summed up as follows, 'Vote for us and we'll think of something.' In the meantime, they have simply and effectively copied and pasted the actual plan outlined by Campbell on August 30th into the Third Point PowerPoint template. They've endorsed our divestitures and our purchase of Snyder's-Lance to participate in snacking category growth. Their path to a $70 per share target is simply our proposed cost savings, our proposed synergies, and time. Additionally, Third Point explicitly debunks their previous statement that the 'only justifiable outcome' is a sale of the company. Beyond what they have copied from our plan, Third Point's presentation is riddled with inaccuracies, half-truths, simple generalizations, and vague recommendations, all of which demonstrate their limited understanding of food industry dynamics and of Campbell's business. The Campbell Board conducted a comprehensive review informed by outside advisors, and it remains confident that its go-forward strategy represents the best path forward for the company and its shareholders at this time."