Procter & Gamble challenges activist Peltz on proxy vote recount

Procter & Gamble has notified an unbiased inspector that it’s going to problem the proxy vote recount that narrowly gave activist investor Nelson Peltz a victory and a board seat final week, sources advised CNBC.

Preliminary outcomes tallied by the inspector, IVS Associates, confirmed Peltz gained with about 43,000 shares, or zero.0016 p.c.

Peltz’s Trian Companions purchased a stake in P&G earlier this yr and pushed for a board seat, taking it to shareholders in a hotly contested election. P&G initially claimed victory.

The 2 sides have spent $60 million battling each other. They’re now within the “snake pit,” as CNBC reported earlier, a course of the place advisors for either side meet and overview every contested vote to make sure it’s legitimate. The overview of the official vote tally will take many weeks and the problem will come on the finish for proxies deemed in query.

Trian stated in an announcement on Wednesday: “No matter how they voted, P&G shareholders ought to be involved that P&G has opted to waste additional time and shareholder cash contesting the official tabulation of the unbiased Inspector. The overview and problem course of will likely be a continued distraction at a time when administration and the Board ought to be centered on enhancing enterprise outcomes and regaining misplaced market share.”

Shares of P&G had been down zero.7 p.c noon Wednesday.

P&G says it hasn’t formally challenged the vote.

In an announcement, P&G stated: “As we stated earlier than, the IVS tabulation outcomes are preliminary and are going by way of the customary overview to make sure a last and correct depend. P&G will disclose the outcomes after receiving the Unbiased Inspector of Elections’ last licensed report, which we’re pushing to get as shortly as attainable.”

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