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Campbell Provides Update on Pending Acquisition of Pacific Foods

CAMDEN, N.J.–(BUSINESS WIRE)–Sep. 27, 2017–
Campbell Soup Company (NYSE:CPB) entered into an agreement on
July 6, 2017 to acquire Pacific Foods of Oregon (Pacific Foods) for $700
million. The completion of the transaction is subject to customary
closing conditions. On Aug. 21, 2017, the estate of a former Pacific
Foods shareholder, Edward C. Lynch, filed a lawsuit against Pacific
Foods, certain of its directors and others seeking more than $250
million in damages. While Campbell is not named in the suit, the lawsuit
creates an impediment to closing. Today, Campbell notified Pacific Foods
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 the 60-day period, Campbell has the option to extend
the cure period or terminate the agreement.

Mark Alexander, Campbell’s President, Americas Simple Meals and
Beverages, said, “We remain enthusiastic about acquiring Pacific Foods,
which has a track record of growth and strong health and well-being
credentials. However, we will not complete the transaction unless the
issues arising from this litigation are resolved to our satisfaction.”

This information was included in Campbell’s
Form 10-K
filed today with the U.S. Securities and Exchange
Commission. For additional information relating to the transaction, see Campbell’s
Form 8-K
filed with the U.S. Securities and Exchange Commission on
July 6, 2017.

About Campbell Soup Company

Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food
that matters for life’s moments.” We make a range of high-quality soups
and simple meals, beverages, snacks and packaged fresh foods. For
generations, people have trusted Campbell to provide authentic,
flavorful and readily available foods and beverages that connect them to
each other, to warm memories and to what’s important today. Led by our
iconic Campbell’s brand, our portfolio includes Pepperidge
Farm, Bolthouse Farms, Arnott’s, V8, Swanson, Pace, Prego, Plum, Royal
Dansk, Kjeldsens
and Garden Fresh Gourmet. 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
& 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.

Forward-Looking Statements

This release contains “forward-looking statements” that reflect
Campbell’s current expectations about the impact of its future plans and
performance, including the acquisition of Pacific Foods, on Campbell’s
business or financial results. These forward-looking statements rely on
a number of assumptions and estimates that could be inaccurate and which
are subject to risks and uncertainties. The factors that could cause
Campbell’s actual results to vary materially from those anticipated or
expressed in any forward-looking statement include (1) the Pacific Foods
acquisition may not close, or the closing may be delayed, due to any
number of factors, including closing conditions not being satisfied or
litigation related to the acquisition; (2) Campbell may otherwise be
unable to achieve the anticipated benefits of the Pacific Foods
acquisition; (3) Campbell may not be able to integrate the Pacific Foods
business and operations in a timely and cost-efficient manner; (4)
revenues or other operating results following the Pacific Foods
acquisition may be lower than expected; (5) operating costs, customer
loss, and business disruption (including, without limitation,
difficulties in maintaining relationships with employees, customers, and
suppliers) may be greater than expected in connection with the
announcement or closing of the Pacific Foods acquisition; (6) Campbell
may assume unexpected risks and liabilities in the Pacific Foods
acquisition; (7) completing the Pacific Foods acquisition may distract
Campbell’s management from other important matters; and (8) the other
factors described in Campbell’s most recent Form 10-K and subsequent
Securities and Exchange Commission filings. Forward-looking statements
speak only as of the date made. Campbell disclaims any obligation or
intent to update the forward-looking statements in order to reflect
events or circumstances after the date of this release.

Source: Campbell Soup Company

Campbell Soup Company
INVESTOR CONTACT:
Ken
Gosnell, 856-342-6081
Ken_gosnell@campbellsoup.com
or
MEDIA
CONTACT:
Thomas Hushen, 856-342-5227
Thomas_hushen@campbellsoup.com