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Home>Campbell Soup says Pacific Foods lawsuit puts deal at risk

Campbell Soup says Pacific Foods lawsuit puts deal at risk

Campbell Soup says Pacific Foods lawsuit puts deal at risk

09/28/2017

Campbell Food Co. (CPB) said late Wednesday that a lawsuit brought by the estate of a former Pacific Foods shareholder against Pacific Foods "creates an impediment" to the closing of the $700 million deal, announced in July, (http://www.marketwatch.com/story/campbell-soup-to-acquire-pacific-foods-for-700-million-2017-07-06) even as Campbell is not named in the suit. Campbell said it notified Pacific Foods on Wednesday that the company has 60 days under the terms of the agreement to resolve the issues arising from the suit if the transaction is to be completed. After that period, Campbell "has the option to extend the cure period or terminate the agreement," the company said in a statement. Shares of Campbell were flat in late trading after ending the regular session up 0.8%.

-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

09-27-17 1742ET

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