Third Point Comments on Court Decision & Campbell’s Ongoing Effort to Conceal Key Information from Shareholders Ahead of it...
03 November 2018 - 6:00AM
Business Wire
Condemns the Company’s Statement Celebrating
its Ability to Continue Hiding Material Facts from Shareholders as
Case Proceeds
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"), this afternoon issued the following statement:
“We are pleased that the Judge made clear that Third Point’s
case to determine whether Campbell’s Board has misled shareholders
will proceed. Although expedited discovery was not granted,
shareholders deserve to know whether the current Board has acted
truthfully and has put interests of shareholders ahead of those of
insiders. We are proceeding with broad discovery, depositions, and
document requests related to the strategic review process,
executive compensation practices, and Bennett Dorrance’s
outstanding loans via his pledged shares.
We believe today’s ruling represents an inflection point for
shareholders, who should ask themselves one question: Should I vote
to re-elect a Board of Directors that is committed to concealing
facts to avoid accountability for its dismal record, and using
shareholders’ money to do so? This is the same Entrenched Board
that has presided over years of dreadful performance, including a
20% drop in share price this year alone. Campbell’s statement is an
insult to shareholders who deserve a Company focused on improving
its worst-in-class performance, not spending their money to try to
hide the facts.”
As a reminder, we encourage all shareholders to also review The
Independents and Fiction vs. Fact to understand more about why the
Independent Slate will respect shareholder voices, end the
Entrenched Board’s 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.
IMPORTANT INFORMATION
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20181102005536/en/
For Media:Third Point LLCElissa Doyle, 917-748-8533Chief
Marketing Officeredoyle@thirdpoint.com
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