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  "documentTitle": "Third Point Management | Activist Presentation Deck | 45 slides",
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  "notes": "Part of an activist investor presentation (Third Point) criticizing management.",
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      "text": "Product lineup of Pacific Foods",
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      "text": "Campbell missed key shift in consumer preferences in soup (despite dominating category): Natural and organic ingredients; Contemporary packaging (e.g. resealable box vs. traditional can)",
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      "text": "Failure to participate in key trends forced Campbell to acquire Pacific Foods, a leading producer of organic broth and soup, shelf-stable beverages, and other meals and sides: Paid $700 million for Pacific Foods in 2017; Deal guided to be ~2% dilutive to earnings in FY18",
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      "text": "Note: Campbell guidance from transaction press release (December 2017) Source: Third Point LLC; Company Materials; Google Images",
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