Nov 26, 2018

Report: Campbell Soup close to truce with activist investor Dan Loeb

Photo by Justin Sullivan/Getty Images

Campbell Soup is reportedly near a deal with Dan Loeb's Third Point to add two directors nominated by Loeb to its board and give the activist investor input on picking the company's new chief executive, four days before a key shareholder vote on a board shakeup, Wall Street Journal reports.

Why it matters: The deal — the terms of which Loeb largely rejected months ago per WSJ — would seemingly bring the battle between Third Point and Campbell to an end. However, it falls short of Loeb's activist campaign demands, which called for a slate of five board members handpicked by Third Point. The timing of the news is important too: either Loeb realized the likelihood of Campbell shareholders backing him was slim, per WSJ, or Campbell knew that a close vote would not have been enough to fend off Third Point.

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Coronavirus dashboard

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  1. Global: Total confirmed cases as of 1 p.m. ET: 1,452,378 — Total deaths: 83,615 — Total recoveries: 308,757Map.
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  3. Business updates: Roughly one-third of U.S. apartment renters didn't make April payments — The battle over billionaire coronavirus saviors — The Fed will lift Wells Fargo's asset cap to help small business lending.
  4. Federal government latest: The U.S. has begun to see "glimmers of hope" despite its highest recorded number of deaths in 24 hours, Anthony Fauci said.
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Sen. Kelly Loeffler liquidates stocks after uproar over coronavirus sell-off

Sen. Kelly Loeffler. Photo: Madnel Ngan/AFP via Getty Images

Sen. Kelly Loeffler (R-Ga.) and her husband Jeffrey Sprecher are liquidating their stock portfolio and moving holdings into exchange traded funds (ETFs) after coming under fire for purchasing and selling roughly $1.4 million in stock just before the market crashed in response to the coronavirus pandemic.

Why it matters: Loeffler, who faces a competitive reelection fight in November, is one of several senators under fire for selling shares shortly after a private briefing on the coronavirus — sparking accusations of insider trading.

Sanders: "While this campaign is coming to an end, our movement is not"

Addressing his supporters via livestream after suspending his campaign, Bernie Sanders congratulated Joe Biden on his presumptive victory in the 2020 Democratic presidential primary while making clear that his fight for progressive ideas will not end with his candidacy.

What he's saying: "While this campaign is coming to an end, our movement is not. Dr. Martin Luther King Jr. reminded us that 'the arc of the moral universe is long, but it bends towards justice.' The fight for justice is what our campaign has been about. The fight for justice is what our movement remains about."