Third Point Demands To See Campbell Soup Board Records
Activist investor Daniel Loeb's hedge fund Third Point LLC has demanded access to a trove of records from Campbell Soup Co, ranging from board meeting minutes to financial documents, as it ratchets up a campaign to replace the company's board of directors, according to a letter seen by Reuters.
Third Point's move offers an example of the legal tools shareholder activists are increasingly using to boost their chances of winning proxy contests against corporate boards.
Such manoeuvring could prove crucial in this case, given Third Point, which owns 5.65% of the canned soup maker, faces challenges in wooing some key shareholders.
Descendants of former Campbell Soup Chairman John Dorrance own a combined 42% stake in the company, representing a major hurdle.
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