This is certainly not going to make Nelson Peltz feel any better.
The activist investor’s quixotic battle to gain a seat on the board of Procter & Gamble failed by just 0.2 percent, the consumer products giant said Monday.
In the largest proxy battle ever waged, Peltz got 973 million votes, or 49.84 percent of the shares voted, compared to the 979.2 million votes, or 50.15 percent, for current board member Ernesto Zedillo, P&G said in a regulatory filing.
But Peltz — who has a $3.5 billion stake in P&G through his hedge fund Trian Partners — isn’t buying the results as the final count.
The results “are based on estimates and incomplete information reported by the Company’s proxy solicitors and were calculated without full visibility into the proxies submitted by Trian to the Inspector,” Trian said.
Trian, a $17 billion hedge fund, called the vote, “too close to call.”
P&G’s independent election inspector, IVS Associates, is still working on its preliminary report, Trian said.