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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Third Point Investors Limited | LSE:TPOU | London | Ordinary Share | GG00B1YQ7219 | ORD NPV $ |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 22.50 | 22.40 | 22.60 | 22.60 | 22.40 | 22.40 | 8,246 | 16:35:26 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Unit Inv Tr, Closed-end Mgmt | -223.21M | -253.66M | -9.5402 | -1.89 | 478.6M |
Asserts Shareholders and Employees Have Been Repeatedly Misled About the Consequences of Share Buyback Programs and the Implications of Certain Disastrous Acquisitions
Believes Twenty Years of Buybacks Occurred Without Disclosing That One Result Was to Give the Two Billionaire Dorrance Siblings on the Board Almost Total Control Over the Company’s Direction
Reminds Shareholders that the Entrenched Board’s Legacy of Value Destruction Includes an Approximately 20% Drop in Share Price This Year Alone
After Considering the Current Board’s History of Destroying Your Value, We Urge Shareholders to VOTE THE WHITE CARD to Elect the Independent Slate and End This Reign of Error
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"), has mailed a detailed letter to shareholders regarding Campbell’s record of putting the interests of billionaire, insider heirs ahead of independent shareholders. The full text of the letter can be found here and below.
As a reminder, we encourage all shareholders to also review our Case for Change 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.
***
November 5, 2018
Dear Fellow Campbell Soup Company Shareholder:
Campbell’s shareholders and employees have been misled about the consequences of the Company’s share buyback programs and the implications of some of its purchases. Campbell has done twenty years of stock buybacks without disclosing that one result was to give the two billionaire Dorrance siblings on the Board almost total control over the Company and the practical ability to block any important decisions they do not like. The Company’s recent all-cash acquisition of Snyder’s-Lance has saddled Campbell’s with massive debt that is now heavily weighing on the Company but benefitted the billionaire siblings by allowing them to keep their control that could otherwise have been diluted. We find ourselves asking:
Is this Company run for ALL Shareholders or for the Benefit of Two Billionaire Insiders?
We believe SHAREHOLDERS DESERVE THE FACTS and the Incumbent Board and the Company should answer these tough questions.
The Facts on Buybacks:
The Facts on the Snyder’s-Lance Acquisition and Immense Debt:
The Facts on Corporate Governance and Disclosures:
The Two Key Questions:
Does this Board really represent you or does it represent the Two Billionaire Insiders?
The Independent Slate is running to replace the Entrenched Board because we believe that with a flat stock price over 20 years, Campbell has been focused on serving someone other than its public shareholders and employees.
VOTE THE WHITE CARD TO LEARN THE ANSWERS TO THESE QUESTIONS AND END THE BOARD’S REIGN OF ERROR. Learn more about our plans at www.refreshcampbells.com.
***
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181105005606/en/
Media:Third Point LLCElissa Doyle, 917-748-8533Chief Marketing Officeredoyle@thirdpoint.com
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