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The Latest On Nelson Peltz And The Procter & Gamble Board Seat

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The Latest On Nelson Peltz And The Procter & Gamble Board Seat

Nelson Peltz initially lost a proxy campaign against Procter & Gamble Co (NYSE: PG), but a recount found he may have actually won by a slim margin.

What You Need To Know

Procter & Gamble's shareholders voted in October not to nominate Peltz to the company's board after a hotly contested proxy campaign. P&G initially claimed victory in the battle, but a recount was concluded Wednesday and found Peltz won by a mere 42,700 votes.

CNBC's David Faber reported after Wednesday's market close that Peltz emerged victorious, which helped boost shares of P&G by more than 3 percent. The stock gave back some of the gains but was still higher by more than 2 percent at $90 early Thursday morning.

Why It's Important

Peltz, CEO of Trian Partners, made it clear that regardless of the vote count he would continue to push the company to accept his recommendations. If the activist investor is victorious, he will be given a seat on the company's board where he will hold a much larger voice in pushing for his ideas.

What's Next?

A P&G response indicates the company will likely "review and challenge" the new results as it is right to do so given the very slim margin which represents just $3.8 billion in shareholder value. On Peltz's end, he urges the company to accept the results and stop wasting time and shareholder money to continue contesting the results.

Related Links:

What Is A 'Snake Pit' And Why Should Procter & Gamble Shareholders Care?

Here's Why Procter & Gamble Is Wrong In Pushing Peltz Away

Image credit: Wall Street Journal, YouTube

Posted-In: activist investor David Faber Nelson PeltzNews Hedge Funds Legal Top Stories General Best of Benzinga

 

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