Heinz Opposes Peltz Proxy
Heinz (HNZ) advised its shareholders to vote against a bid by activist investor Nelson Peltz to elect a slate of directors, saying his voice will be adequately served without extensive board representation.
Peltz, the Milken-era corporate raider whose Trian Partners owns 5.4% of Heinz's stock, is trying to get five delegates elected at the company in an upcoming shareholders vote. Peltz has proposed a restructuring plan for the company, whose shares languished for the better part of a decade before the Peltz stake was disclosed.
In a release, Heinz referred to Trian as a "Cayman Islands-based hedge fund" four times. It said Peltz was pushing things with his proxy battle.
"We listen carefully to all our shareholders and value their opinions. Mr. Peltz does not need board representation for his voice to be heard and his voice deserves no special preferences over the voices of all our other important shareholder constituencies," Heinz said."It is not in the best interest of Heinz shareholders to support Mr. Peltz's proposed slate of directors because his plan and his presence on the board would disrupt the strong momentum of our business," Heinz said. A vote for Heinz's involved, independent and experienced directors will ensure that Heinz remains focused on delivering superior value for the benefit of all shareholders." The stock closed at $40.58 Thursday.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV