Campbell Soup Co. (CPB) - Get Reportis reportedly nearing a deal with Dan Loeb to end a proxy fight that would see two of the activist investor's nominees, Sarah Hofstetter and Kurt Schmidt, appointed to the board.
Negotiations are also said to be under way which would see Loeb's Third Point LLC have input on the election of a third director. Third Point could also have input in the hiring of a new CEO, sources said.
Third Point, which currently owns 7% stake in the company, would be subjected to a customary standstill agreement of 12 months, sources said, The Wall Street Journal reported.
The embattled Campbell Soup is facing the director contest on Nov. 29, in which Third Point is seeking to install a reduced, minority-slate of five dissident director candidates onto the company's 12-person board.
This article originally appeared on TheStreet's sister site, The Deal. Sign up for a subscription to read the full article.