It's war. 

In the ongoing Procter & Gamble (PG - Get Report) versus Nelson Peltz saga, the sleepy consumer products giant has fired another shot. Below are excerpts of a new letter P&G sent to shareholders to encourage them to vote against Peltz at the company's upcoming annual meeting.

While we have engaged with Mr. Peltz with an open mind, we have also done our research. We have spoken with investors, analysts, members of Boards and senior executives at companies that have been impacted by Trian. The overwhelming feedback we received was clear. We concluded that Mr. Peltz would not be helpful to P&G's Board and management team that are successfully executing a plan that has the Company on the right track. Adding an activist investor like Mr. Peltz risks derailing the progress we are making to deliver for all P&G shareholders.

We respect Mr. Peltz and will continue to listen to him. However, we have a careful process to identify individuals who will be additive to the needs of the Board and the Company in pursuit of its plan for balanced top- and bottom line-growth, and we have determined that Mr. Peltz does not fit the criteria.

  • Mr. Peltz has repeatedly criticized P&G for its performance over the past ten years, ignoring the significant transformation that our company has recently undertaken, including a strengthened portfolio, cost savings and productivity improvements, and organization redesign. These changes have created a fundamentally different P&G which is meeting or exceeding its commitments, and since November 1, 2015, has delivered improved shareholder return.
  • Mr. Peltz's argument that P&G should be targeting the same organic growth targets today as it did in 2005 shows a misunderstanding of the significantly different global economic conditions and industry dynamics today as compared to 12 years ago.
  • In focusing on P&G's ten year performance, Mr. Peltz and Trian are even going against what they have said was the right measurement period to use in prior campaigns - in both DuPont and Pepsi they insisted that the right period to measure performance is that of the current CEO and management team.

It is not surprising that Mr. Peltz has an outdated view of our company and industry, as he is apparently relying on advice and information from a former executive who left the Company nearly a decade ago. Now is the time to build on our momentum and prevent anything from derailing the work that is delivering for all P&G shareholders.

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