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  "documentTitle": "Campbell Soup Company (CPB)",
  "authorId": "05_Third_Point",
  "authorName": "Third Point",
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  "presentationDate": "2018-10-01 00:00:00",
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  "notes": "The slide uses a combination of bulleted text and a bar chart to demonstrate the deterioration of the deal's performance.",
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      "kind": "callout",
      "text": "Campbell lowered accretion guidance twice in the first six months after deal announcement",
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      "text": "Snyder's-Lance trailing 4wk sales growth, %",
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      "text": "Original guidance called for 5-7% EPS accretion in FY19 in December 2017. Guidance reduced to “modestly accretive” in FY19 at industry conference in February 2018. Guidance again reduced to “modestly dilutive” in FY19 with earnings report in May 2018.",
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      "kind": "source-note",
      "text": "Note: IRI scanner data through 8.26.18; deal announced 12.18.17 and closed 3.27.18. Source: Third Point LLC; Company Materials; IRI",
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      "text": "CORPORATE STRATEGY — SNACKS",
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