Activist investor Dan Loeb’s bid for control of Campbell’s board hit a snag.
A New Jersey judge denied Loeb’s motion for expedited discovery into the soupmaker’s board Friday, paving the way for Campbell’s Nov. 29 annual meeting to “proceed as planned,” Campbell said Friday.
Loeb’s Third Point sued Campbell last month, accusing it of running a “campaign of misinformation” to entice shareholders to vote for its “entrenched board.”
Third Point had hoped that it would be able to depose board members ahead of the meeting and that the meeting would be delayed.
The hedge fund said it was undeterred by the ruling, noting it was “pleased” the case could still proceed.
It also cited Campbell board member Bennett Dorrance for pledging company shares for loans.
“We are proceeding with broad discovery, depositions, and document requests related to the strategic review process, executive compensation practices, and Bennett Dorrance’s outstanding loans via his pledged shares,” the hedge fund said in a statement Friday.
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