The biggest proxy fight in history, pitting activist investorNelson Peltz against Procter & Gamble Co., will also be one ofthe most expensive.

The two sides expect to spend a combined $60 million on thecontest for a board seat at the Cincinnati-based company, accordingto separate regulatory filings this week by P&G and Peltz'sTrian Fund Management. Peltz estimated his firm will deploy $25million to gain access to the consumer-products company'sboardroom, while P&G said it budgeted an extra $35 million tokeep him out.

The driving force behind the high spending will be reaching themillions of individual investors who own P&G shares, said TomBall, a managing director at Morrow Sodali, a proxy-solicitationfirm. Peltz, 75, suffered his first-ever loss in an activistcampaign in 2015, when he tried to get on the board at DuPont Co.,another old-line company that is widely held by mom-and-popinvestors.

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.