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  "documentTitle": "Third Point Management | Activist Presentation Deck | 45 slides",
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  "presentationDate": "2018-10-01 00:00:00",
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  "notes": "The slide uses comparable transaction multiples to justify a potential acquisition price range.",
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      "kind": "callout",
      "text": "Campbell is an iconic asset that could command an attractive price from multiple parties",
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      "text": "Most relevant comparable transactions are 3G for Heinz (2013), Heinz for Kraft (2015), and Conagra for Pinnacle (2018)\nCampbell likely to attract multiple buyers and could fetch 14-15x EBITDA, implying $52 to $58 per share",
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      "text": "Note: Using Bloomberg consensus FY19 EBITDA of $1.81 billion as of 9.28.18\nSource: Third Point LLC; Barclays Research; Bloomberg",
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      "text": "Sale of all or part of the Company could accelerate value creation",
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      "kind": "title",
      "text": "M&A OPPORTUNITY",
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