Activist investor Dan Loeb and his company Third Point seek to take more control of Campbell Soup and influence a sale, this time through the board of directors.(Photo: campbellsoupcompany.com)

Third Point CEO Daniel Loeb presents a delirious video featuring Campbell Soup's leadership as part of the fund's goal of toppling the current board of directors of this iconic company.

The video, titled "Empty the Can" and posted Thursday, begins with a jibe in Campbell's classic commercials with a housewife preparing food. In the four-minute video, the iconic jingle of the company "Mmm, Mmm, Good" ends with the words "Mmm, Mmm, Bad" and then argues in favor of replacing Campbell's board of directors during a shareholders' meeting held on November 29th.

The video, which quotes "soupy sales of soup" and lowers expectations at Campbell Soup, is heating up an already fierce battle for control of the global food conglomerate based in Camden, New Jersey.

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Family members of the company's founder, John Dorrance, announced Wednesday their support for the current council to disprove Third Point's ousting attempt. Family members, who hold about 41% of Campbell's shares, include Bennett Dorrance, Mary Alice Dorrance Malone and Archbold van Beuren, all current board members.

Earlier this month, Campbell Soup announced that it had completed a strategic review undertaken in May 2018 after the departure of its CEO, Denise Morrison, who retired suddenly while the company was facing at a lower sales of soups and had developed to acquire the company of snacks Snyder's-Lance and Bolthouse. Manufacturer of farm juice.

The review conducted by the board revealed that Campbell needed to focus on his two "separate activities", snacks, meals and beverages, and divest his "non-core" business from Campbell International and Campbell Fresh, to indicated the company in a note of October 4 shareholders.

Third Point's "aggressive and short-sighted tactics" could rob shareholders of Campbell's "potential for future value by forcing the sale of your company as we execute our strategic plan for value creation," says the board in its letter. .

Third Point says in its video that a "new" board could recruit a new CEO "to fix the company's situation before it's too late." We know Campbell can once again prosper, "says the video of Third Point.

The hedge fund holds approximately 7% of the shares of the company. George Strawbridge, grandson of Campbell Soup founder John Dorrance, and a former Campbell board member are among the board nominees. He holds nearly 2.8% of Campbell's shares.

Campbell's shares (CPB) rose nearly 2% Thursday to $ 36.99; the stock is down more than 21% so far this year.

Follow the USA TODAY reporter, Mike Snider, on Twitter: @ MikeSnider.

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