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  "documentTitle": "Third Point Management | Activist Presentation Deck | 45 slides",
  "authorId": "third-point-management",
  "authorName": "Third Point",
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  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 21,
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  "nDataPoints": 2,
  "notes": "Uses a third-party quote from UBS to validate the activist's critique.",
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  "slideHref": "/slides/019de06f-bd65-73d6-aae5-46c67fe9cd96/21",
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      "kind": "image",
      "text": "Product collage of Snyder's-Lance brands",
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      "kind": "list",
      "text": "Deal fraught with execution risk\nIll-timed acquisition given issues in rest of portfolio\nAcquired assets complicated to integrate with Campbell’s legacy Pepperidge Farm snacking business given complex routes to market",
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      "kind": "list",
      "text": "Acquired Snyder’s-Lance, a US snacks business, in March 2018\nHigh purchase price ($6 billion, nearly 20x EBITDA)\nAll debt transaction saddled the Company with over 5x leverage",
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      "kind": "paragraph",
      "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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      "kind": "quote",
      "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)\nSource: Third Point LLC; Company Materials; Google Images; UBS",
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      "kind": "title",
      "text": "CORPORATE STRATEGY — SNACKS",
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