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Third Point Scales Back Campbell Board Takeover Bid

Law360 (November 9, 2018, 7:26 PM EST) -- Hedge fund Third Point LLC on Friday scaled back its bid to control Campbell Soup Co.’s board following what it called “decades of underperformance,” announcing its intent to nominate five independent director nominees instead of the originally planned 12.

Third Point, which holds about 7 percent of the Camden, New Jersey-based food giant’s outstanding common stock shares, said in a letter to Campbell board chair Lester Vinney that it wants to settle the proxy contest with “meaningful representation” on the board by an independent slate. The letter comes two months after the hedge fund announced plans to take over the whole...

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