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. ...