- Nelson Peltz appears to have won his proxy battle for a seat on Procter & Gamble’s board.
- In October, Peltz was initially reported to have lost the proxy vote by a slim margin.
- Now, a recount shows Peltz actually won by 43,000 votes — a 0.002% margin.
A little over a month ago, it looked like billionaire investor Nelson Peltz had been foiled in the biggest proxy battle in history.
Now, after a recount, it looks like Peltz may have won his bid to claim a seat on the board of the $US236 billion giant Procter & Gamble after all.
The billionaire investor, who has an estimated net worth of $US1.65 billion, had been trying to shake up P&G since announcing a $US3.5 billion stake in February. He was nominated to the board in July.
The two companies spent some $US100 million on the campaign to win over shareholders, 40% of which are individual retail investors, according to Reuters.
Peltz was considered a favourite to win one of the 11 board seats up for a vote since he had the backing of the three top shareholder advisory firms that recommend how mutual funds cast their vote, according to Reuters.
After the preliminary results were released in October showing Peltz had been defeated, P&G CEO David Taylor said he was pleased but suggested he would welcome Peltz to the board if the recount yielded a different tally.
“We will honour the wishes of the shareholder. We’ve always said this,” Taylor told CNBC at the time.
P&G is up 3% in after hours trading.