Since joining Campbell Soup just ayear ago as director of corporate development, Emily Waldorf hasalready worked on the $7.7 billion company's largest deal ever, the$1.5 billion purchase of Bolthouse Farms, a $689 million providerof fresh carrots, beverages and dressings.

During the deal process, Waldorf led the due diligence andvaluation efforts and oversaw the complicated project as a whole,ensuring that the acquisition was a good one for shareholders. Shealways remained ready to say no, she recalls.

“One of the things I was challenged with in the Bolthouse deal,and in every deal, was learning when to walk away, and being ableto say no,” Waldorf says. “I think it's one of the hardest thingsin M&A, knowing when to say no, when to walk away and when thevalue is destructive. There were multiple times throughout thisprocess, like every other, where we needed to make sure goingforward was the right decision. Fortunately, we were able to getthe deal done before we got to that point. You need to know whenany given deal doesn't make sense. We were lucky to not be tested,and have to say no.”