Such decisions ultimately lie with the Campbell heirs. But activists are taking on ever bigger challenges in the name of shaking things up. Last week, Elliott Management vented its frustration with Hess, the oil company run by John Hess and founded by his father. Nelson Peltz has won a board seat at Procter & Gamble which, although not family owned, put up a defense and countercampaign as spirited as any clan-dominated company. Getting Campbell to scrap this deal would require an activist with a strong stomach, or the ability to sweet-talk insiders into pursuing other options. Other investors can only hope such an activist exists.