Campbell Soup: Third Point confirms 8.42% active group stake (42.70 +0.72)
- 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.