NEW YORK ( TheStreet) -- It could be like the showdown at the OK Corral -- or maybe we should call it the P&G Corral.Activist investor and hedge fund manager Bill Ackman said in an interview last Monday he's expecting the board of Procter & Gamble (PG - Get Report) to "do their job."
Perhaps Ackman is looking at the same distressing plunge in "Cash from Operations Quarterly" line in the chart above. It should also be noted that at least 35% of the outstanding "float" of PG shares are owned by institutions and mutual funds. The board of directors of PG has some powerful eyeballs looking over their shoulders, and the pressure is mounting with every passing day. Ackman has accused the company of being "bloated" and lacking new ideas, new products and the innovative spirit that unleashes the true value locked into the company's book value, tangible net asset value and earnings power. He evidently believes the sum of the parts are greater than the whole PG. Jim Cramer's protege Dave Peltier finds you Stocks Under $10 picks with explosive upside potential. See what he's trading today with a 14-day FREE pass. The Cincinnati-based company and its issues with Ackman was the focus of a news story in the Business Courier, which serves the greater Cincinnati area. The Courier story quoted a PG spokesman who said, when asked about Ackman's comments, "The situation is unchanged." The spokesman, Paul Fox, was also quoted as saying, "The board has made it clear that it supports Bob [McDonald], the senior leadership team and our growth strategies. We are laser-focused on winning with our top 40 businesses, top 20 innovations and 10 developing markets while driving greater productivity and efficiency. Anything else is, frankly, an unnecessary distraction."