Third Point Management Activist Presentation Deck
M&A OPPORTUNITY
Sale of all or part of the Company could accelerate value creation
25x
20x
15x
10x
5x
Ox
Packaged food comparable transactions
13.5x
3G/
Heinz
14.5x
THIRD POINT
Heinz /
Kraft
EV / EBITDA multiple
15.8x
CAG /
PF
16.4x
JAB /
DPS
19.5x
MKC /
RB Food
Note: Using Bloomberg consensus FY19 EBITDA of $1.81 billion as of 9.28.18
Source: Third Point LLC; Barclays Research; Bloomberg
20.0x
CPB /
LNCE
21.0x
Danone /
WWAV
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Independent Slate perspective
Most relevant comparable transactions are 3G for
Heinz (2013), Heinz for Kraft (2015), and Conagra
for Pinnacle (2018)
Campbell likely to attract multiple buyers and
could fetch 14-15x EBITDA, implying $52 to $58
per share
Campbell is an iconic asset that could command
an attractive price from multiple parties
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