Speculating in Takeover Targets Message Board

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Strategies & Market Trends : Speculating in Takeover Targets

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To: richardred who wrote (4964)	8/10/2018 8:23:01 AM
From: richardred	of 7239

US: Campbell Soup Faces Sale Pressure From Daniel Loeb 10th August 2018 Campbell Soup has come under pressure from activist investor Daniel Loeb, who is planning to team up with family shareholder George Strawbridge. In a filing, Loeb’s Third Point hedge fund disclosed it has picked up a 5.65% stake in the world’s largest soup maker. The filing also revealed that Loeb built up the stake following the exit of long-time CEO Denise Morrison in May, adding that he plans to call for a sale of the group. The filing said Loeb has held talks with Keith McLoughlin, interim CEO of Campbell, adding that the possibility of a sale is being considered as part of an ongoing review. It added: “The only justifiable outcome of the strategic review is for the Issuer to be sold to a strategic buyer”. Separately, Strawbridge noted in a filing that “unless the Board’s strategic review results in a new direction … the only reasonable approach is to reconstitute the Board.” Loeb will have to convince the family of founder John Dorrance, whose descendants hold around 40% of the company and who have resisted pressure in the past to sell Campbell. In the filing, Loeb pointed out that while he was aware of this factor, the “[board of] directors bear fiduciary responsibility to all shareholders.” In a statement, Campbell said it “remains dedicated to delivering a go-forward strategy that will drive value for all shareholders”, adding that it looks “forward to sharing the details of our plans when the company reports its fourth-quarter and full-year results on August 30 and engaging with our shareholders on our strategic plan.” kamcity.com

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