If you had green bean casserole on your Thanksgiving table, you can thank Campbell Soup Company (NYSE:CPB) for the iconic recipe.
While you were sitting down at the dining room table, Campbell shareholders were preparing to take a seat at the board room table to discuss the future of the canned soup giant.
READ: Activist investor Dan Loeb ratchets up attack on Campbell Soup board in video, demanding everyone be fired
Following discussions, the company agreed to a deal with activist fund Third Point that adds two of the fund’s nominees to its board, according to a CNBC report.
The two new members are former Blue Buffalo CEO Kurt Schmidt and Comscore President Sarah Hofstetter.
The iconic soup company, immortalized in Andy Warhol’s 32 Campbell’s Soup Cans, has been traditionally run as a family company with descendants owning at least 41% of the company and holding three seats on the board.
Activist investor Dan Loeb’s Third Point hedge fund, which has about a 7% stake in the company, initially wanted a sale of the company and to replace the 12-person board.
The fund is now reportedly looking to add a total of five directors.
Any other major deals, including a sale of the company, would need the support of two-thirds of its shareholders.
Shares were down 2% to $39.69 in Monday afternoon trading.
--Story updated after agreement was reached
Contact Lenore Fedow at lenore@proactiveinvestors.com
Follow her on Twitter: @LenoreMariee