Campbell Receives Second Request From FTC Under HSR Act For Proposed Acquisition Of Sovos Brands, Inc.
Portfolio Pulse from Benzinga Newsdesk
Campbell Soup Company (NYSE:CPB) has received a second request for additional information from the Federal Trade Commission (FTC) regarding its proposed acquisition of Sovos Brands, Inc. (NASDAQ:SOVO). This is part of the FTC's review under the Hart-Scott-Rodino Antitrust Improvement Act. The company now expects to complete the transaction in the next calendar year, aiming for mid-2024.
October 23, 2023 | 8:37 pm
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NEGATIVE IMPACT
Campbell Soup's proposed acquisition of Sovos Brands is under further scrutiny by the FTC, potentially delaying the transaction until mid-2024.
The FTC's second request for information indicates a thorough review of the proposed acquisition, which could lead to delays or changes in the terms. This uncertainty may negatively impact Campbell Soup's stock in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
The proposed acquisition of Sovos Brands by Campbell Soup is under further review by the FTC, potentially delaying the transaction until mid-2024.
The FTC's second request for information indicates a thorough review of the proposed acquisition, which could lead to delays or changes in the terms. This uncertainty may negatively impact Sovos Brands' stock in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100