Campbell To Sell Fresh, International Units, Complete Sale An Option
Campbell Soup Co has said that it plans to sell its international and fresh refrigerated-foods units and left open the possibility of putting the whole company up for sale, following a months-long review and pressure from hedge fund investors to sell itself outright.
It is not clear if the plan will appease activist investor Dan Loeb, whose Third Point LLC hedge fund announced a 5.7% stake on August 9 and immediately pressed for a sale of the entire company to a competitor as "the only justifiable outcome."
If dissatisfied, Loeb could escalate his attack into a proxy fight and nominate a slate of directors within the next few weeks to be voted on at Campbell's annual meeting later this year, sources familiar with the matter told Reuters this week. Third Point declined comment on Thursday.
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