Campbell Soup: shares fall after Third Point pressure
(CercleFinance.com) - Campbell Soup shares have fallen more than 2% in early trading on Friday after Daniel S.
Loeb's Third Point hedge fund disclosed it had bought 17 million shares in the company.
In a filing to the SEC, Third Point said late on Thursday that it now owns a 5.65% stake in the soup maker.
The hedge fund said it acquired most of its shares following the group's "disastrous" third-quarter earnings report in May and the unexpected departure of its Chief Executive Officer Denise Morrison.
Third Point believes that the subsequently announced strategic review, if conducted properly, could create significant value, but adds that it is mainly encouraged by recent press reports suggesting "that a sale process is already underway."
Campbell Soup responded to the filing by confirming its strategic review process, saying it will share the details of its plans when reporting fourth-quarter results on 30 August.
Campbell shares fell 2.4% to 41.3 dollars on the New York Stock Exchange, underperforming the S&P 500 index, which is down 0.7%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Loeb's Third Point hedge fund disclosed it had bought 17 million shares in the company.
In a filing to the SEC, Third Point said late on Thursday that it now owns a 5.65% stake in the soup maker.
The hedge fund said it acquired most of its shares following the group's "disastrous" third-quarter earnings report in May and the unexpected departure of its Chief Executive Officer Denise Morrison.
Third Point believes that the subsequently announced strategic review, if conducted properly, could create significant value, but adds that it is mainly encouraged by recent press reports suggesting "that a sale process is already underway."
Campbell Soup responded to the filing by confirming its strategic review process, saying it will share the details of its plans when reporting fourth-quarter results on 30 August.
Campbell shares fell 2.4% to 41.3 dollars on the New York Stock Exchange, underperforming the S&P 500 index, which is down 0.7%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.