The mini-tender offer is subject to numerous other conditions, including that Ponos Capital needs to obtain financing for the offer.
The move would be more dramatic than the one the company took in May, when Campbell, without hiring a bank, said it would review all aspects of its strategic plan and portfolio composition.
The outcome of that review is expected by Aug. Loeb is asking Campbell to drop all other alternatives and focus just on a sale, sources said. Loeb has his work cut out for him. Mary Alice Malone, the granddaughter of Campbell Soup founder John Dorrance, is reluctant to sell, according to two sources.
Malone is the largest individual Campbell holder, owning a roughly 17 percent stake. Bennett Dorrance owns about 10 percent, and he, too, is reluctant to sell, sources said.
There are family members interested in a sale, sources said. Loeb may go public in the next month to put pressure on the Campbell board to shift to a sale plan, a source said.
The Post reported exclusively June 22 that Kraft Heinz is interested in buying Campbell if it decides to put itself up for sale. The chain wants to reduce the price it pays for soups, a source said.Campbell’s Government Affairs group oversees the Company’s relationships with government officials, conducts advocacy on behalf of our businesses, and administers the Campbell .
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engages in manufacturing and marketing of convenience food products such as soup, simple meals, snacks, and healthy beverages. Campbell Soup Company, American manufacturer, incorporated in but dating to a canning firm first established in , that is the world’s largest producer of soup.
It is also a major producer of canned pasta products; snack foods, such as cookies and crackers; fruit and tomato juices; canned. Convenient, tasty solutions for everyone and every meal. Campbell’s® soups are made for real, real life.
The business and other affairs of Campbell Soup Company are managed by or under the direction of its Board of Directors. The Board selects the CEO, and reviews and approves fundamental financial and business strategies, major corporate actions and an annual operating plan.