Campbell Receives Second Request from FTC Under HSR Act for Proposed Acquisition of Sovos Brands, Inc.
October 23 2023 - 4:30PM
Business Wire
Campbell Soup Company (NYSE: CPB) today announced it has
received a request for additional information from the Federal
Trade Commission (FTC) as part of the agency’s review of Campbell’s
proposed acquisition of Sovos Brands, Inc. (Nasdaq: SOVO). A second
request for information is a common feature of the regulatory
review for transactions of this type under the Hart-Scott-Rodino
Antitrust Improvement Act.
The company now expects to complete this transaction in the next
calendar year and will continue to engage with the FTC on their
review with the objective of closing the transaction in
mid-2024.
About Campbell
For more than 150 years, Campbell (NYSE:CPB) has been connecting
people through food they love. Generations of consumers have
trusted us to provide delicious and affordable food and beverages.
Headquartered in Camden, N.J. since 1869, the company generated
fiscal 2023 net sales of $9.4 billion. Our portfolio includes
iconic brands such as Campbell’s, Cape Cod, Goldfish, Kettle Brand,
Lance, Late July, Milano, Pace, Pacific Foods, Pepperidge Farm,
Prego, Snyder’s of Hanover, Swanson and V8. The company has a
heritage of giving back and acting as a good steward of the
environment and is a member of the Standard & Poor's 500 as
well as the FTSE4Good and Bloomberg Gender-Equality Indices. For
more information, visit www.campbellsoupcompany.com.
Forward-Looking Statements
Certain statements in this press release regarding the proposed
transaction, including any statements regarding the expected
timetable for completing the proposed transaction, benefits of the
proposed transaction, future opportunities, future financial
performance and any other statements regarding future expectations,
beliefs, plans, objectives, financial conditions, assumptions or
future events or performance that are not historical facts are
“forward-looking” statements made within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The words “aim,”
“anticipate,” “believe,” “could,” “ensure,” “estimate,” “expect,”
“forecasts,” “if,” “intend,” “likely” “may,” “might,” “outlook,”
“plan,” “positioned,” “potential,” “predict,” “probable,”
“project,” “should,” “strategy,” “target,” “will,” “would,” and
similar expressions, and the negative thereof, are intended to
identify forward-looking statements.
All forward-looking information is subject to numerous risks and
uncertainties, many of which are beyond the control of the Company,
that could cause actual results to differ materially from the
results expressed or implied by the statements. These risks and
uncertainties include, but are not limited to:
- the conditions to the completion of the Sovos Brands
transaction may not be satisfied, or the regulatory approvals
required for the transaction may not be obtained on the terms
expected, on the anticipated schedule, or at all;
- long-term financing for the Sovos Brands transaction may not be
obtained on favorable terms, or at all;
- closing of the Sovos Brands transaction may not occur or be
delayed, either as a result of litigation related to the
transaction or otherwise or result in significant costs of defense,
indemnification and liability;
- the risk that the cost savings and any other synergies from the
Sovos Brands transaction may not be fully realized by Campbell or
may take longer or cost more to be realized than expected,
including that the Sovos Brands transaction may not be accretive
within the expected timeframe or the extent anticipated; and
- completing the Sovos Brands transaction may distract Campbell’s
management from other important matters.
Additional information concerning these and other risk factors
can be found in Campbell’s and Sovos Brands’ filings with the SEC
and available through the SEC’s Electronic Data Gathering and
Analysis Retrieval system at http://www.sec.gov, including the
Campbell’s and Sovos Brands’ most recent Annual Reports on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form
8-K.
The discussion of uncertainties is by no means exhaustive but is
designed to highlight important factors that may impact the outlook
of the Company. The Company disclaims any obligation or intent to
update the forward-looking statements in order to reflect events or
circumstances after the date of this release except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231023315204/en/
Investors: Rebecca Gardy (856) 342-6081
Rebecca_Gardy@campbells.com
Media: James Regan (856) 219-6409
James_Regan@campbells.com
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