Procter & Gamble Co. (PG) is contesting preliminary results issued last week by an independent election inspector that gave dissident Nelson Peltz a narrow lead in his boardroom battle at the iconic American packaged goods company.
On Nov. 17, P&G's election inspector IVS Associates determined that Peltz appeared to have won a director fight, the largest proxy war ever, by the narrowest of margins, about 0.0016% of the vote, or 42,780 shares. If certified officially by IVS it would install Peltz onto P&G's board.
On Wednesday, Peltz took his message to the broad shareholder base, arguing that "regardless of how they voted" they should be concerned that P&G has opted to waste further time and shareholder money contesting an official tabulation. "Based on that tabulation, shareholders have sent a strong message to P&G: they want Nelson Peltz to join the board."
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