BBWI - Bath & Body Works gains on report activist Third Point plans proxy fight
- Bath & Body Works ( NYSE: BBWI ) rose 3.7% on a report activist fund Third Point plans to start a proxy fight against the soap and fragrance company targeted at alleged excessive executive pay and lagging financial performance.
- Dan Loeb's Third Point plans to nominate candidates for the company's annual meeting this spring, according to a WSJ report , which cited people familiar. The activist hasn't decided which directors it wants to replace.
- Third Point first disclosed holding a 6% stake in the company in December, saying in a filing at the time that the board "has made errors in structuring its executive compensation."
- Bath & Body Works ( BBWI ) is scheduled to report Q4 results on Thursday.
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Bath & Body Works gains on report activist Third Point plans proxy fight