CAMDEN, N.J.--(BUSINESS WIRE)--Campbell Soup Company (NYSE:CPB) announced today it has sent a letter to its shareholders in connection with its 2018 Annual Meeting of Shareholders, scheduled for Nov. 29, 2018.

In the letter, Campbell sets the record straight regarding Third Point’s proposed “plan” for Campbell. Campbell strongly recommends that shareholders vote to support the current Campbell Board of Directors with a vote on the GOLD proxy card.

The full text of Campbell’s letter to its shareholders follows.

VOTE THE GOLD PROXY CARD TODAY

Dear Campbell Shareholders,

After nearly three months of telling Campbell that selling itself was the “only justifiable outcome” from our strategy and portfolio review, Third Point, a hedge fund that is attempting to seize control of Campbell’s entire Board with a slate of underqualified candidates, finally abandoned its claim and attempted to come up with an alternative scheme. Third Point's latest "plan" can be summed up as follows: “Vote for us and we'll think of something.”

Rather than providing original ideas or detailed financial research, Third Point has simply copied and pasted the existing plan outlined by Campbell on August 30th into the Third Point PowerPoint template. Third Point has endorsed our proposed divestitures and has suddenly recognized the value and opportunity to participate in snacking category growth through the combination of Pepperidge Farm and Snyder's-Lance. As we outline below, their so-called "plan" to create value is simply your Board's proposed cost savings and proposed synergies but executed by Third Point's inferior slate after further delay and with increased execution risk as they attempt to learn how to run your Company.

Shareholders need to ask themselves: why is Third Point wasting everyone's time?

Campbell’s current Board and management are acting to improve operations, accelerate performance, and maximize value for all shareholders. Vote for your Company's highly experienced and qualified nominees TODAY on the GOLD proxy card – by telephone, over the Internet, or by signing, dating and returning the enclosed GOLD proxy card.

About Campbell Soup Company

Campbell (NYSE:CPB) is driven and inspired by our Purpose, "Real food that matters for life's moments." For generations, people have trusted Campbell to provide authentic, flavorful and affordable snacks, soups and simple meals, and beverages. Founded in 1869, Campbell has a heritage of giving back and acting as a good steward of the planet's natural resources. The Company is a member of the Standard and Poor's 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupCompany.com or follow Company news on Twitter via @CampbellSoupCo. To learn more about how we make our food and the choices behind the ingredients we use, visit www.whatsinmyfood.com.