Procter & Gamble Co. (PG) isn't giving in just yet.

The company will challenge the proxy vote recount that awarded activist investor Nelson Peltz a seat on the P&G board, according to a report from CNBC citing unnamed sources.

P&G notified independent inspector IVS Associates that it planned to "review" the count but wouldn't say it was challenging the results.

After P&G initially claimed victory last month, Peltz won the seat in a narrow recount by 43,000 votes, or 0.0016%, in an IVS tally. Advisers are now expected to review each contested vote to ensure it is legitimate.

P&G CEO David Taylor and Nelson Peltz.
P&G CEO David Taylor and Nelson Peltz.

It's the latest step in an ongoing battle between Peltz and P&G as the investor attempts to implement change by way of the company's board. The two sides have spent $60 million going up against one another.

P&G stock fell 0.65% to $88.14 in early afternoon trading Wednesday.

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