Daniel Loeb' Third Point LLC Builds Stake In Campbell Soup; Urges Sale

(RTTNews) - Daniel Loeb's Third Point LLC has acquired 17 million shares in Campbell Soup Co. (CPB) for $686.44 million, according to a Form 13-D filing with the U.S. SEC.

Third Point LLC disclosed in a regulatory filing that it believes that the only justifiable outcome of the strategic review is for Campbell Soup to be sold to a strategic buyer.

Responding to the 13D filings, Campbell Soup stated that it is currently undertaking a Board-led comprehensive strategy and portfolio review as previously announced on May 18.

Campbell Soup said it looks forward to sharing the details of its plans when it reports its fourth-quarter and full-year results on August 30.