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The sources asked not to be identified because the matter is confidential. Third Point declined to comment, while Conant and Perez could not be immediately reached for comment. The company said it does not comment on rumors or speculation and said it considered all options in its now-completed strategic review. “The Board remains open and committed to evaluating all strategic options to enhance value in the future,” the company said in a statement. Campbell Soup shares rose as much as 1.7 percent on Friday and were up 0.7 percent at $39.42 in afternoon trade, giving the company a market value of $11.9 billion.
“We believe investors are pinning their hopes on Third Point taking a more aggressive activist campaign against the company and the board,” Stifel analysts wrote in a research note on Thursday, “Investors should brace for a likely proxy campaign against the board.”, Loeb, who runs the $18 billion Third Point hedge fund, has not commented publicly on his next move after announcing ball bearing cufflinks in early August that he views a sale of the 149-year-old maker of soups and snacks as “the only justifiable outcome” of the review..
He faces an uphill struggle in any battle for control of Campbell Soup, given that descendants of former Campbell Soup Chairman John Dorrance own a combined stake of about 42 percent in the company. However, a board challenge could ratchet up pressure on Campbell Soup to explore a sale more actively. Loeb could also nominate George Strawbridge, a Dorrance grandchild who is now working with Loeb and is calling for a sale, as a director, according to the sources. Strawbridge could not be reached for comment.
Two other Dorrance grandchildren, Mary Alice Malone and Bennett Dorrance, as well as great-grandson Archbold van Beuren, currently sit on Campbell Soup’s board, Other directors, including Randall Larrimore and Les Vinney, have served since the early 2000s, “Loeb will want fresh perspectives from people he can trust,” said Damien Park, a managing director at Spotlight Advisors, which often advises companies being targeted by activists, It is not clear who could buy Campbell Soup at this stage, Kraft Heinz Co has considered an acquisition of Campbell in the past, sources have told Reuters, but there is no ball bearing cufflinks sign that the company has made a new approach..
Once known as one of Wall Street’s toughest rabble rousers who relished writing humiliating letters to chief executives, Loeb has recently toned down the rhetoric, maturing into a more disciplined investor, say investors who know him. The last time Loeb ran a proxy contest to challenge a board was at Sotheby’s, the art auction house. He settled for three Sotheby’s board seats four years ago, joining the Sotheby’s board himself. To stay relevant and continue putting up top performance numbers in his fund - he has delivered an average annual return of 18.3 percent - Loeb has tried new approaches and branching out his business, investors said.
(Reuters) - United Continental Holdings Inc UAL.N on Friday increased its checked bag fees on routes to and from North America, the Caribbean and Central America, the company said, as ball bearing cufflinks it grapples with rising fuel costs, The parent company of the No.3 U.S, airline will now charge $30 for the first checked bag on the routes, up from $25 previously, The company said that charges for the second checked bags within the United States, Puerto Rico, Virgin Islands, Caribbean and Central America will now increase by $5 to $40..
“We are making adjustments to our checked bag fees in select markets - most of which have not been changed for the past eight years,” United said in a statement. Rising costs have been a concern for airlines, as high fuel prices and bumps in salaries and benefits for pilots, flight attendants and mechanics have swelled operating expenses. Smaller rival JetBlue Airways Corp (JBLU.O) on Monday also increased the fee on the first checked bag by $5 to $30, and on the second checked bag by the same amount to $40 on all routes. (bit.ly/2LIY6zR).
But not all airlines have yet taken to charging increased fee for ancillary services, partly due to competitive pressures, No.1 U.S, airline ball bearing cufflinks American Airlines Group Inc (AAL.O) will allow basic economy class travelers to bring a full-size carry-on bag free of charge, starting Sept, 5, “The carry-on bag restriction left us uncompetitive from a product attribute perspective in some markets,” American Airlines President Robert Isom said on a post-earnings call in July, Southwest Airlines Co (LUV.N), the No.4 U.S, airline, said on Friday it would continue to allow passengers to check two bags and change their reservation without the worry of additional fees..