The possibility that juice producer Ocean Spray Cranberries could be sold grew over the weekend when shareholders voted to replace the board with a dissident group.
The new 12-member board of Ocean Spray Cranberries, a growers’ cooperative, has been voted in to support the needs of small-scale growers, after 53% of shareholders approved a resolution to replace the current 15-member board.
A battle for control of the cooperative’s direction has been raging, with the dissidents calling for a smaller board that is open to the possibility of selling the brand.
Late last month, Ocean Spray rejected an US$800m acquisition offer from competitor Northland Cranberries.
Ocean Spray has been struggling over recent years with low cranberry prices and a fall in demand. In November it lost its chief executive, Rob Hawthorne, who resigned.
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