UPDATE 2-Campbell Soup offers to add two Third Point nominees to board [Reuters (UK)]
Campbell Soup Company (CPB)
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Source: Reuters
Campbell Soup offers to add two Third Point nominees to board | Reuters 2 Min Read (Reuters) - Campbell Soup Co ( CPB.N ), which is in the midst of a proxy battle with Third Point LLC, said on Friday it offered to add two of the hedge fund’s nominees to its board, after a similar proposal was rejected by the activist investor. The soup maker had proposed adding Kurt Schmidt and Sarah Hofstetter from the hedge fund’s slate to the board following its annual meeting. However, Third Point had rejected the offer, Campbell said. “Nonetheless, we believe it is important for all of our shareholders to know that we are offering to add ... Mr. Schmidt and Ms. Hofstetter,” the company said. Earlier on Friday, Third Point, the $17 billion hedge fund run by Daniel Loeb, cut the number of nominees to the company’s board to five from 12. Loeb’s smaller slate of five includes Third Point executive Munib Islam, Comscore’s ( SCOR.O ) Sarah Hofstetter, pet food maker Blue Buffalo’s CEO Kurt Schmidt,
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