Four key shareholders of Campbell Soup Co. have formally lined up to oppose a move by hedge fund Third Point to oust the company’s whole board.
Reuters reports that all four are descendants of the former Campbell chair John Dorrance. Along with other family members who have declared their support, they own a 41 per cent stake in the company.
Activist investor Daniel Loeb, who runs Third Point, contends the company has been mismanaged and wants to replace the current directors with his own slate of candidates. He claims the four shareholders are trying to intimidate smaller shareholders by making it look as if the result of a vote on Third Point’s motion has been determined in advance. The vote is due to take place next month.
Read the full Reuters report here.