Investing.com – Procter & Gamble said on Tuesday shareholders rejected activist investor Nelson Peltz’s bid for a seat on the board by a slim margin.
Peltz’s asset management firm Trian Partners says the vote was too close to call and plans to challenge the results.
Shares of Procter & Gamble Company (NYSE:PG) fell 1.50% after the announcement was made.
The months long battle began when Trian Partner’s gained a $3.5 billion stake in the firm and elected Peltz to the board in July.
Peltz is an activist investor known for forcing companies to revamp their business models. P&G objected to his election to the board, while Trian says the firm lacks innovation and should consolidate its operating units. Peltz had the support of three top shareholder advisory firms.