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11/10, 2:08 AM (Source: TeleTrader.com)
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Campbell's heirs intend to vote for current board

Heirs of the Dorrances, the family that controlled Campbell Soup Company since buying out the founding Campbell family, stated that they will vote in favor of the current board of the directors at the upcoming shareholder meeting. The heirs currently own 41% ownership stake and sit at the board of directors.

The soup maker is being sued by Third Point Management for an alleged "campaign of misinformation" aimed at securing shareholder votes in an effort to ensure the board members remain in control of the company.

Earlier, it was reported the hedge fund reduced the number of its nominees for the Campbell's board to five after initially seeking to replace all of its members. The offer was rejected by Campbell's, which is only willing to add two directors from the investment company's list.

Breaking the News / MD