The third point demands Campbell, alleging disinformation
The third point demands Campbell, alleging disinformation
The third point demands Campbell, alleging disinformation
Third Point LLC sued
Campbell Soup
Co.
and its board on Thursday, alleging that the food manufacturer distributed misleading and incomplete information to gain shareholder support in a heated fight for control of the company.
Daniel Loeb's third point aims to replace Campbell's entire 12-person board, but faces an uphill battle. Three descendants of the creator of condensed soup, who collectively control about 37% of the company's shares and sit on its board of directors, committed last week to support Campbell. Third Point is allied with another descendant, George Strawbridge Jr., and together they own an approximately 10% share.
With its lawsuit, filed Thursday in the Superior Court of New Jersey, Third Point seeks to prevent the company from having a vote of shareholders on November 29 without revealing more information. The firm alleges that Campbell has not revealed or has made erroneous statements about the qualifications of two of the council's descendants, Bennett Dorrance and Mary Alice Malone.
The Third Point lawsuit also pressures Campbell to provide more details about the strategic review he recently completed and the abrupt departure of former CEO Denise Morrison in May, among other things.
A hearing on the lawsuit is scheduled for Monday.
The lawsuits are not uncommon tactics in the fights by proxy. During Mr. Loeb's most recent, which began in 2013, his hedge fund unsuccessfully sued the auction house
to eliminate its so-called poisonous pill, a legal defense aimed at preventing activists from building large positions. That dispute ended in an agreement the day before the vote, with the company that gives Mr. Loeb three seats on the board by expanding the size of his board; I had sought to replace three directors.
"We are vigorously challenging the demand of Third Point," Campbell said in a statement.
Campbell's president, Les Vinney, said in a statement on Thursday that the dozen or so Third Point nominees, which include two Third Point employees, Mr. Strawbridge and others with previous links to Campbell, are not qualified for Board seats and do not seem to have new ideas The company returns to the track.
Write to Lombard face in cara.lombardo@wsj.com
.
ORIGINAL ARTICLE THE WALL STREET JOURNAL
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