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Nelson Peltz Loses Procter & Gamble Bid

Published 10/10/2017, 11:37 AM
© Reuters.  Nelson Peltz loses Procter & Gamble bid.
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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.

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