Third Point Prepares To Call For Campbell Soup Sale: Sources
Daniel Loeb's activist hedge fund Third Point LLC is in talks to partner with Campbell Soup Co shareholder George Strawbridge to call for a sale of the U.S. consumer company, people familiar with the matter said on Thursday.
If there is an agreement on a partnership, Third Point and Strawbridge's ownership of Campbell Soup could amount to 8.5% stake, the sources said. The investment group could then disclose its position in a regulatory filing as early as this week, as it pushes the company to explore a sale as part of its strategic review already underway, the sources said.
The sources asked not to be identified because the matter is confidential. Campbell Soup and Third Point did not immediately respond to requests for comment.
The group posted a statement on its website saying that it is currently undertaking a Board-led comprehensive strategy and portfolio review to examine all potential paths forward to maximise shareholder value.
‘Our entire Board of Directors remains dedicated to delivering a go-forward strategy that will drive value for all shareholders’, the statement read.
‘As we stated when we announced the review, we look 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.’