Dan Loeb’s Effort to Replace Campbell Soup’s Board is Dealt a Blow

(Bloomberg) The descendants of Campbell Soup Co.’s founder are standing by the company’s directors, dealing a blow to activist investor Dan Loeb’s efforts to oust the entire board. Relatives of John Dorrance that together hold about 41 percent of the Camden, New Jersey-based company’s shares will vote for its current board at its annual meeting on Nov. 29, according to a statement Wednesday. Those holders include siblings Bennett Dorrance and Mary Alice Dorrance Malone, grandchildren of John Dorrance who have sat on the company’s board for nearly 30 years.

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