Activist investor Daniel Loeb, who runs the hedge fund Third Point, is putting pressure on Campbell Soup (NYSE:CPB) to find a buyer, according to a filing with the Securities and Exchange Commission.
Third Point has taken a nearly 5.7% stake in the iconic soup company and Loeb is working with Campbell shareholder George Strawbridge to push for its sale, according to the filing.
The company is not dismissing Loeb's lobbying efforts as a potential sale is a consideration on the table as part of its ongoing strategic review. “The only justifiable outcome of the strategic review is for the Issuer to be sold to a strategic buyer,” the filing states.
In a statement, Campbell said the review of its operations would “examine all potential paths forward to maximize shareholder value” and further details of its plans would be divulged upon the reporting of its quarterly results on August 30.
“Our entire board of directors remains dedicated to delivering a go-forward strategy that will drive value for all shareholders,” the company said.
Campbell Soup shares held their ground in Thursday’s trading session to close up by less than 1% at US$42.28.
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