The soup is heating up between Campbell Soup Co. and New York-based hedge fund Third Point LLC in the battle to win over Campbell’s shareholders ahead of a Nov. 29 annual meeting that could oust the company’s current board of directors.
Campbell issued a statement Friday in response to Third Point’s 100 Day Plan, which it released earlier this week to tell shareholders what it plans to do if they vote in the independent slate of directors the hedge fund wants to replace the current board.
According to Campbell, Third Point’s plan is very close to Campbell’s own strategy outlined Aug. 30 after a board-led review.
“Third Point has endorsed our proposed divestitures and has suddenly recognized the value and opportunity to participate in snacking category growth through the combination of Pepperidge Farm and Snyder's-Lance,” the statement said. “Their so-called ‘plan’ to create value is simply your board's proposed cost savings and proposed synergies but executed by Third Point's inferior slate after further delay and with increased execution risk as they attempt to learn how to run your company.”
The letter goes on to state, “Shareholders need to ask themselves: why is Third Point wasting everyone's time?”
Third Point did not respond to a request for comment by press time.
Meanwhile, a state court judge Friday rejected Third Point’s motion to postpone the scheduled Nov. 29 Campbell shareholders meeting.