In recent years, Dan Loeb has sought to shed his reputation for being a bit of an asshole. Once the poison pen’s most formidable wielder, he’s tried to be, well, nicer at times, using more ingratiating and complimentary language in place of brutal put-downs and demands for heads on plates now. This has worked out pretty well for him.
But the old Dan Loeb is still in there, and can be called upon when necessary. For instance, when a bunch of aged canned-soup heirs and heiresses tell him he can’t have what he want, which is to say a new board of directors for the family company that doesn’t include them that will hopefully choose to blow the whole damned thing up, and will instead get what he very much does not want, which is more of the same. In that case, New Dan isn’t going to be holding Old Dan back.
Four shareholders and members of their family who hold roughly 41% of Campbell’s shares intend to vote to retain the current board of directors at an annual meeting next month, the company said in a statement….
Mr. Loeb’s Third Point LLC, which has the backing of another family member, George Strawbridge Jr., said the statement was an attempt by the family to portray their “inherited voting bloc as an impenetrable moat.”
“The entrenched family owners, who have long enriched themselves at the expense of shareholders and the company, seek to preserve their board seats and reign of error,” Third Point said in a statement.