Procter & Gamble Co. (PG - Get Report) responded to the pressure being applied by activist investor Nelson Peltz and his Trian Partners hedge fund in a letter to shareholders Monday saying that Peltz is seeking a board seat in order to "satisfy his own agenda."
P&G highlighted the fact that the consumer brand is delivering shareholder growth and that the company will not benefit from "change for the sake of change."
Investors will vote on Peltz' board candidacy at its annual shareholder meeting on October 10. Trian Partners has a more than $3 billion stake in P&G.
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