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Third Point sues Campbells over alleged misinformation

Friday, October 26, 2018

Bailey McCann, Opalesque New York:

Dan Loeb's Third Point has sued Campbell Soup Co over alleged misinformation. Reuters is reporting that Third Point says Campbells misled investors about the competence of its directors. Loeb has been in a hot war with the company over its board, which he wants to replace completely, as part of his plan to revitalize the company.

Third Point's suit, filed yesterday in New Jersey, claims that the company did not give complete information about the board ahead of a proxy vote and breached its fiduciary duties. Third Point wants a judge to halt the company's annual meeting until complete information can be provided to investors. The hearing is scheduled for Tuesday.

Third Point alleges that some of the missing detail on the board includes information about Campbells heir Bennett Dorrance and his business dealings. Campbells says it plans to "vigorously" defend itself and that Third Point has failed to present a strategic improvement plan for what it wants to see from the company. Campbells also rejects Third Point's proposed board members.

Loeb also wants to see more detail on Campbell's recently completed strategic review and get more information about what led to the departure of Campbell's CEO.

If successful, Loeb will be repea......................

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