Third Point LLC's Dan Loeb is embarking on what could be the biggest activist campaign of the year.
And his first proxy fight since 2014.
We sat down with The Deal's Senior Editor Ron Orol to get the full story.
Loeb wants the full 12-person overhauled and thinks the company is a takeover target, or should at least sell some divisions. He believes the company could be sold for between $52 and $58 a share, well above its current share price.
The annual meeting typically is held in mid-November, but on Thursday, Campbell announced that it has scheduled it for Nov. 29. The soup and snack company also issued a letter to investors arguing that Third Point's candidates lack "required skills" to oversee a public company.
It is unclear why Campbell appears to be pushing back the meeting, compared to when it usually takes place. "It may be to buy more time to convince rank-and-file investors to support the management-backed incumbent director slate against Loeb's 12-person panel of dissident director candidates," says Orol.
Camden, N.J.-based Campbell Soup makes a range of food products from soups and simple meals to snacks and healthy beverages.
In the clip above, Orol discusses Loeb's master plan.
But be sure to watch our full conversation here, or listen below!
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