Third Point's Dan Loeb will call for the sale of Campbell Soup.
The hedge fund recently acquired a 5.65 percent stake in Campbell, according to a securities filing. The activist is planning to team up with shareholder George Strawbridge, a family member of the founder, to call for the sale, the filing said.
Loeb said he has had discussions with Campbell's interim CEO, Keith R. McLoughlin, and that the possibility of a sale is being evaluated as part of the company's ongoing strategic review. "The only justifiable outcome of the strategic review is for the Issuer to be sold to a strategic buyer," the filing said.
In a separate filing by Strawbridge, meantime, he writes, "unless the Board's strategic review results in a new direction ... the only reasonable approach is to reconstitute the Board."
Campbell said in a statement Thursday afternoon its board of directors "remains dedicated to delivering a go-forward strategy that will drive value for all shareholders." It said it looks "forward to sharing the details of our plans when the company reports its fourth-quarter and full-year results on August 30 and engaging with our shareholders on our strategic plan."