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  "documentTitle": "Campbell Soup Company (CPB)",
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      "text": "With fresh food and soup under pressure, Campbell doubled down on snacks in an expensive “bet the company” transaction that brings significant financial and operational risks.",
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      "text": "Deal fraught with execution risk. Ill-timed acquisition given issues in rest of portfolio. Acquired assets complicated to integrate with Campbell’s legacy Pepperidge Farm snacking business.",
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      "text": "Acquired Snyder’s-Lance, a US snacks business, in March 2018. High purchase price ($6 billion, nearly 20x EBITDA). All debt transaction saddled the Company with over 5x leverage.",
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      "text": "We believe Campbell's acquisition of Snyder's-Lance adds execution risk across both organizations... Snyder's integration complexity and lofty cost target guidance leave us skeptical of material stock value creation. — UBS",
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      "text": "Note: Quotation from UBS report “Will Snyder's-Lance create shareholder value for Campbell” (1.24.18). Source: Third Point LLC; Company Materials; Google Images; UBS",
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      "kind": "title",
      "text": "CORPORATE STRATEGY — SNACKS",
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