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Campbell Soup nears deal with Third Point to end board challenge - source

Campbell Soup nears deal with Third Point to end board challenge - source
FILE PHOTO: The logo and ticker for Campbell Soup Co. are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 18, 2018. REUTERS/Brendan McDermid -
Brendan McDermid(Reuters)
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(Reuters) – Campbell Soup Co <CPB.N> and Daniel Loeb’s hedge fund Third Point LLC are close to an agreement over composition of the U.S. food company’s board of directors that will end a proxy contest that was due to come to a head this week, a person familiar with the matter said on Sunday.

Under the deal being negotiated, Third Point will have two of its nominees appointed to Campbell Soup’s board and will be given a say over who will be the company’s new chief executive officer, the source said.

The two Third Point nominees to join Campbell Soup’s board would be Comscore Inc <SCOR.O> president Sarah Hofstetter and former Blue Buffalo CEO Kurt Schmidt, the source said.

The Wall Street Journal, which first reported on the potential settlement, also said a third director, agreed upon by Third Point and Campbell Soup, could potentially join the board.

Campbell Soup and Third Point did not immediately respond to requests for comment.

(Reporting by Svea Herbst-Bayliss in Boston; Editing by David Gregorio)

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