Say it ain't so - Campbells Soup

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I grew up on the stuff and have a can of their Chicken Noodle soup when I am feeling nostalgic or do not feel like cooking. From the New York Times:

Campbell Soup’s Fate Hangs on Duel Between Company Heirs and ‘Interloper’
Daniel Loeb is happy to play the barbarian at the gate. He’s got the money, about $3.1 billion. He’s got the office, a sleek white space that is a quintessential hedge fund aerie, with art by Jean-Michel Basquiat, Jeff Koons and Andy Warhol. And in taking on the old-money family that owns more than 40 percent of Campbell Soup Company, he’s found the perfect foil for his new-money ambitions.

Third Point, Mr. Loeb’s hedge fund in Manhattan, is pushing for the sale or restructuring of Campbell, a slumping food giant that has called Camden, N.J., home for nearly 150 years.

He’s up against the descendants of John T. Dorrance, a chemist who devised the formula for condensed soup at the turn of the last century. Dozens of family members depend on the dividends they receive from the company to underwrite their comfortable lives. And for the most part they find Mr. Loeb’s proposals anathema.

“We’re interlopers who’ve come in, and they’ve decided to stick with the status quo,” Mr. Loeb said in an interview.

His hedge fund and the company have spent months exchanging barbed letters. Their battle will culminate on Nov. 29, when Campbell shareholders vote on a proposal by Third Point to take five seats on the company’s board. Mr. Loeb has even persuaded one dissident Dorrance heir and a former Campbell board member, George Strawbridge Jr., to join his campaign.

Sounds like corporate raiding to me soon to be followed by a bout of asset stripping. Not illegal but really really sucks.

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This page contains a single entry by DaveH published on December 6, 2018 3:48 PM.

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