Campbell Soup sets date for annual meeting showdown

Campbell Soup Co. set Nov. 29 as the date for a pivotal annual meeting at which shareholders could determine whether the Camden company is sold by a new board nominated by activist investor Daniel Loeb or is given the chance to recover from costly missteps under former chief executive Denise Morrison.

Since early September, Loeb, chief executive of Third Point LLC, and Campbell management have been volleying competing proxy statements back and forth, each side doing its best to undermine the other.

Campbell is in the process of selling its troubled Bolthouse Farms unit, as well as international operations, Kelsen and Arnott's. Loeb said that's not enough, arguing that the entire company could fetch $52 to $58 per share in a properly managed sale.

Campbell's shares were trading for around $37 Thursday afternoon.

The annual meeting is scheduled to start at 8 a.m. at Aloft Hotel in Mount Laurel.