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The Wall Street Journal: Hedge fund sues Campbell Soup over ‘misinformation’ in proxy fight

Third Point LLC sued Campbell Soup Co. and its board of directors Thursday, alleging the food maker distributed misleading and incomplete information to win shareholders’ support in a heated proxy fight over control of the company.

Daniel Loeb’s Third Point is aiming to replace Campbell’s CSC, +6.04% entire 12-person board, but it faces an uphill battle. Three descendants of the creator of condensed soup, who collectively control about 37% of the company’s shares and sit on its board, pledged last week to support Campbell. Third Point is allied with another descendant, George Strawbridge Jr., and together they own a roughly 10% stake.

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