According to the rumors, Kraft Heinz is in contact with the company about a potential acquisition and has been looking at its financial data. However, the company doesn’t appear to be willing to pay a premium for Campbell Soup Company stock.
Sources close to the matter claim that Kraft Heinz may be more willing to purchase Campbell Soup Company, if it can get a deal on it. CPB currently has a total value of $22 billion. Neither company is willing to comment on these rumors.
The push for Campbell Soup Company to sell itself comes from activist investor Dan Loeb. However, CPB’s Board of Directors is still looking over its options. It has also hired Teneo Holdings, which will likely help it fend off Loeb’s push for a sale, if need be, reports New York Post.
This isn’t the first time that rumors have claimed that Kraft Heinz has an interest in buying Campbell Soup Company. Similar rumors came about back June and they also boosted Campbell Soup Company stock. However, they noted that the company was waiting to complete its strategic review before making any decisions. There was also talk at the time that General Mills (NYSE:GIS) would consider bidding on the company if it puts itself up for sale.
CPB stock was up 3% and KHC stock was up 7% as of Friday morning. CPB stock is also down 12% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.