William Skinner, an attorney at Flaster Greenberg and member of the firm's Business & Corporate Department, was recently quoted in the Philadelphia Inquirer regarding the speculation that the family-controlled Campbell Soup Co might finally be ready to be sold. After the abrupt retirement in May of Campbell Soup Co. chief executive Denise Morrison and the Camden company’s decision to undertake a thorough review of its operations, some are guessing that the controlling Dorrance family could finally decide to sell the 149-year-old company. Click here to read the article in its entirety.
Skinner was tapped for legal commentary on the NJ law for the 2/3 shareholder approval requirement in regards to the sale of the company.:
The brother-and-sister team of Bennett Dorrance, 72, and Mary Alice Malone, 68, billionaires who own a combined 33.1 percent stake, themselves come very close to controlling Campbell outright because the two-thirds rule gives them an almost insurmountable lead.
“For practical purposes, the two of them voting alone could probably stop virtually any sale,” said William S. Skinner, who practices corporate law out of the Cherry Hill office of Flaster/Greenberg.