Nelson Peltz's bid for a board seat at Procter & Gamble Co. took a stunning turn Wednesday after an independent inspector said the billionaire investor won his proxy fight at the consumer products giant.
The official preliminary results show that P&G shareholders have elected Peltz to the company's board, his Trian Fund Management said in a statement. The activist investor won by about 42,780 shares — or a margin of about 0.0016% — according to the results tallied by the independent inspector IVS Associates Inc., P&G said in a statement.
"Trian strongly urges P&G to accept the inspector's tabulation and not waste further time and shareholder money contesting the outcome of the annual meeting," Trian said.
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