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Campbell Soup is working on an agreement to add 2 Third Point nominees to board




Campbell Soup is working for a third-party deal that will add two of the activist fund nominees to the board, former Blue Buffalo CEO Kurt Schmidt and Comscore President Sarah Hofstetter, a person familiar with the situation told CNBC on Sunday. [19659002] div> div.group> p: first-child "/>

As part of the agreement, Campbell would expand the size of the board with at least two table seats, said the person. Campbell currently has 12 board members, with the ability to go to 14, with the approval of the board. Its articles of association could be amended to increase the board even more. The talks come only days before Campbell shareholders will meet on Thursday, November 29.

The person warned that the settlement, first reported by Wall Street Journal earlier Sunday, not yet official. It is possible that the terms can be changed or the two can not reach a settlement at all.

The person requested anonymity because the negotiations are confidential. The third item was not immediately available for comment. Campbell refused to comment.

Third Point and its founder, Dan Loeb, who have about 7 percent stake in Campbell, wanted to replace the entire board of the soup company. The third point aims to add Just five members, it has said.

Should Third Point and Campbell secure an agreement, it would mark a big shift for a soup company that is bound to its tradition of being run as a family business. Three of Campbell's heirs sit on the table. The following family owns at least 41[ads1] percent of the company and promised the support to the soup company. It is nevertheless one of Campbell soup heirs, George Strawbridge Jr., who co-operates with Loeb in the proxy match.

However, a number of mistakes and poor economic performance left the soup company vulnerable. Campbell has delivered a 19 percent stake in the past 20 years, while the S & P 500 has almost tripled over the same period.

It now sells its fresh food business, eliminating efforts to move into the fast growing area of ​​the food store. After the struggles due to inexperience and a bad time, the fresh food unit discovered a loss of 3 million USD in the quarter. Campbell's recent acquisition, its $ 6.2 billion acquisition of pretzel and chip company Snyder's Lance, more than tripled its debt burden.

"Subparagraphs" of issues such as M & A, as well as its financial performance, helped drive shareholder advisory company ISS support from third-party masters slate announced earlier this month. The impression of the influential company put pressure on Campbell to give a table concession, although the family's votes helped strengthen their defense.

The opinion came before Campbell's last, better than expected result in the first quarter.

While Third Point had originally been pushing for a sale of Campbell, security board sites do not necessarily mean that the company will be sold. The challenges facing Campbell and others make it unclear whether it's a buyer at a good price for the entire company. However, the company requires two-thirds voting for large deals.



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