Third Point LLC demanded access to an array of records from the Campbell Soup Co., Reuters reported Oct. 4.
In a letter seen by the news agency, the hedge fund headed by activist investor Daniel Loeb gave the New Jersey-based company five days to grant Third Point access to several confidential documents regarding its recently concluded strategic review, mergers and acquisitions activity and succession planning for its CEO. The hedge fund cited a New Jersey statute that gives shareholders the right to review company records, given that the requesting party demonstrates a "proper purpose" for looking at the documents.
Third Point is currently embroiled in a proxy war against Campbell's board over its dissatisfaction with the company's portfolio and operations.
Last month, Third Point nominated a 12-person slate to replace Campbell's entire board. Loeb and his hedge firm have repeatedly urged Campbell to sell itself as a whole. Campbell, on the other hand, stood by its review despite a hint from interim CEO Keith McLoughlin in August that the company's board could still consider a full sale.