P&G Shareholders Reject Peltz

Activist investor Nelson Peltz has apparently lost his bid for a seat on the Proctor & Gamble board. Peltz had sought to gain one seat on the 11 person board. At a market cap of $232 billion, the proxy fight was the largest in history, with the sides spending more than $100 million on mailings, phone calls, and advertisements. Peltz is expected to contend the results as the final outcome was within one percent. A major explanation for the win by P&G is believed to be the large number of individual stockholders in P&G stock.