THE WHAT? Bath & Body Works has taken to a shareholder letter to call investor Third Point’s proxy contest ‘misguided’.  

THE DETAILS The troubled retailer has publicly declared that it would not concede to Third Point Founder and CEO, Dan Loeb’s ‘ultimatum’ that his former employee and personal protégé, Munib Islam, be appointed to the Board.

THE WHY? The statement is the latest development in the ongoing pressure piled onto Bath & Body Works by Third Point.