The back and forth between Campbell Soup Co. CPB, -3.43% 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. “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 20 years,” Third Point responded. ” 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 shares are down more than 23% for the year to date while the S&P 500 index SPX, -1.33% has gained 1.7% for the period.
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