Daniel Loeb’s Third Point LLC plans to launch a proxy fight to replace Campbell Soup Co.’s entire board after the fund was underwhelmed by the company’s plan to sell two business units, said people familiar with the matter.
If it were to succeed in ousting the board, the activist hedge fund believes all potential options for the company could be back on the table. Third Point’s prior stance was that a sale of the whole company was “the only justifiable outcome” for Campbell under its current board and management. It is rare...