NEW YORK--(BUSINESS WIRE)--Third Point LLC (LSE: TPOU) ("Third Point"), a New York-based investment firm managing approximately $17 billion in assets and a holder of approximately 7% of the outstanding common shares of Campbell Soup Company (NYSE: CPB) ("Campbell" or the "Company"), today mailed a summarized version of its 100-day operating plan to shareholders. Third Point added:
“We are dismayed that Campbell’s inept Board thinks it is appropriate to mislead shareholders by misrepresenting our plan in an obvious attempt to divert attention from its own track record, which can be simply summarized as zero value created for shareholders in twenty years. The Entrenched Board continues to make the same, debunked claim that the Independent Slate’s only plan is to sell the Company when we have stated clearly that our call for a sale was specific to the strategic review period with this dysfunctional leadership team in place. When the Entrenched Board did not reach this same conclusion during the strategic review and instead decided to muddle along and drive shares down further, we decided to challenge its leadership to benefit all shareholders. Since announcing our proxy plans, we have advanced thoughtful and thorough plans about how the Independent Slate will improve Campbell that are far more substantive than the Company’s plan, which is simply flaccid language about selling a few assets and hiring a CEO, which the Entrenched Board has proved unable to do for nearly six months.
Campbell further insults shareholders today by suggesting that it is a “waste of time” for non-insider, non-heir shareholders to express their views about how this company – which stock is down more than 20% in this year alone – can improve. The changes the Entrenched Board claims to have made are too little, too late and a simple stock chart shows the current directors are already failing to create value, just like this Entrenched Board’s previous “strategic plans”.
Our 100-day operating plan positions the Independent Slate to expeditiously implement operational, strategic, and financial initiatives that we believe the current Board does not have the expertise, vision, or will to execute.
It’s long past time that a qualified, independent Board has an opportunity to execute a thoughtful strategy that can yield better management, improvements across the corporate culture, a modernization of core products, and an enhanced focus on the Company’s legendary Soup brands.”
After reviewing our summarized plan here, we encourage shareholders to also review The Independents and Fiction vs. Fact to understand more about why the Independent Slate will respect Shareholder voices, end the Insider Board Members’ Reign of Error, and set Campbell on a new and profitable path. We urge all shareholders to VOTE THE WHITE CARD to elect the Independent Slate.
Your Vote Is Important, No Matter How Many or How Few Shares You Own!
PLEASE REMEMBER TO CAN THE COMPANY’S CARD! If you return a Campbell’s proxy card – even by simply indicating “withhold” on the Company’s slate – you will revoke any vote you had previously submitted for the Third Point nominees on the WHITE proxy card.
On September 28, 2018, Third Point LLC filed a definitive proxy statement and on October 1, 2018 filed Supplement No. 1 thereto and on October 9, 2018 filed Supplement No. 2 thereto (collectively, the “Definitive Proxy Statement”) with the U.S. Securities and Exchange Commission (“SEC”) to solicit proxies from stockholders of Campbell Soup Company (the “Company”) for use at the Company’s 2018 annual meeting of stockholders. THIRD POINT STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE DEFINITIVE PROXY STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION. THE DEFINITIVE PROXY STATEMENT ALSO INCLUDES INFORMATION ABOUT THE IDENTITY OF THE PARTICIPANTS IN THE THIRD POINT SOLICITATION AND A DESCRIPTION OF THEIR DIRECT OR INDIRECT INTERESTS THEREIN. The Definitive Proxy Statement is available at no charge on the SEC’s website at http://www.sec.gov and is also available, without charge, on request from Third Point LLC’s proxy solicitor, Okapi Partners LLC, at (855) 208-8902 or via email at CPBinfo@okapipartners.com.