Daniel Loeb's Third Point is going after the board of Campbell Soup in a four-minute video aimed at persuading shareholders to take his side in a fight for control.
The video begins with a woman dressed in pearls and a light pink dress dancing around her 1950s-style kitchen while the soup maker's familiar jingle plays, "Mmm, Mmm, Good" in the background.
Then the music changes and the voice-over says "Mmm, Mmm, Bad."
"What an incredible waste. One of America's most iconic brands being left behind by failed leaders who punished shareholders' loyalty," the video says.
Third Point, which has a nearly 7 percent stake, has teamed up with George Strawbridge Jr., a descendant of the company's founder who has a 2.7 percent stake, to oust all 12 of Campbell's directors at an upcoming shareholder meeting. Other Campbell's heirs, representing 41 percent of the shares, have come out in support of the company, a blow to Loeb's activist campaign.
The video presses Loeb's case, criticizing the board for various decisions, including bad deals, poor sales and a failure to hold former CEO Denise Morrison accountable, instead paying her $60 million and sending her to the World Economic Forum meeting in Davos, Switzerland, where CEOs meet annually with world leaders and celebrities. Morrison quit earlier this year.
The video pokes fun at something Morrison said at Davos: "My favorite food at Davos is the coffee."
The video goes on to say "Fixing Campbell is not a simple case of adding a little sale or trying some gluten free noodles. It's far too late for that. It's time to empty the can, refresh the recipe and restore shareholder value."