By CB Garrett, SYRACUSE, N.Y. (NCC News) – The Campbell Soup Company was bought out by activist fund Third Point on Monday.
Third Point already had a seven percent stake in the company and the sale was a done largely as a truce between the two companies. The sale is a little bit of a shift for the Campbell Soup Company, which has been largely family run.
As part of the sale, Third Point will get two nominees to add to the Campbell board. Third Point will also have input on the third director that Campbell board, as well as input on the company’s new CEO.
Trading on the Campbell Soup Company stock was halted late morning on Monday when rumors of the sale emerged. Since trading was resumed in the early afternoon, the stock was down more than two and a half percent.
