Campbell accuses Third Point of copying their turnaround plan
The back and forth between Campbell Soup Co. and Third Point continued on Friday with the latest shareholder letter from Campbell accusing the activist hedge fund of taking their plan. "Rather than providing original ideas or detailed financial research, Third Point has simply copied and pasted the existing plan outlined by Campbell on August 30th into the Third Point Powerpoint template," the letter said. "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." Campbell also once again accuses Third Point of trying to "seize control" of the board. Campbell shares are down more than 21% for the year to date while the S&P 500 index has gained 2.5% for the period.
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