Daniel Loeb’s Third Point has launched a proxy fight to replace Campbell Soup’s entire board after the fund was underwhelmed by the company’s plan to sell two business units.
If it were to succeed in ousting the board, the activist hedge fund believes all potential options for the company could be back on the table. Third Point’s prior stance was that a sale of the whole company was “the only justifiable outcome” for Campbell under its current board and management.
