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[$$] Third Point Scales Back Its Demand for Campbell Board Seats

Daniel Loeb’s Third Point LLC backed off a bid to replace Campbell Soup Co.’s entire 12-person board after the hedge fund rejected a settlement offer from the company for two seats. Third Point, locked in a high-profile proxy battle with the soup maker, cut the size of its board slate to five nominees from 12, as the hedge fund looks to boost its chances of gaining influence over the company. Third Point said in a letter sent to Campbell Chairman Les Vinney on Friday that it has heard from shareholders that they would like to see a settlement in which some of Third Point’s nominees join the current board.