Peltz: DuPont offer not good enough

DuPont and activist investor Nelson Peltz are still tussling over the terms of the company's board makeup, the Trian Partners CEO told CNBC on Thursday.

Peltz said DuPont CEO and Chair Ellen Kullman had offered to place one of Trian's nominees on DuPont's board. But Peltz balked.

"I said that didn't work then. It's not working now," he said in a "Squawk on the Street" interview. "I'm willing to have two directors on the DuPont board, me being one of them."

Peltz also wants to place two members on the board of the DuPont spinoff company, Chemours, and said that company's corporate governance must be changed.

"The corporate governance they put out is super-majority voting and a staggered board. We think that's circa 1960. We think the world has changed, and we think we need to change that corporate governance," he said. "That really tells you what the board of DuPoint thinks about all of us as shareholders."

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Trian launched a proxy fight with DuPont earlier this year to break up the company's business, a move it sees as unlocking shareholder value. Trian owns $1.9 billion worth of DuPont stock.

He said the governance at DuPont is excellent, and Chemours should have the same model.

DuPont announced in October 2013 it would separate some of the assets and liabilities of its performance chemicals units into a new company called Chemours.

Peltz said he should be on the board because he was in the chemical business at one point in his life and understands it. He further noted that Trian is better equipped to handle the workload and process the research that comes with board membership than the typical director, who has another company to run.

Nelson Peltz
David A. Grogan | CNBC
Nelson Peltz

"When we go into a board meeting, we know what's going on. The other board directors, they have good intentions, but those 1,000 pages become a show-and-tell rather than an interaction," he said, referring to lengthy reports issued to directors.

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He continued to say that DuPont's stock has run up since Trian revealed its stake because shareholders support Trian, noting that earnings per share for the company peaked in 2011 and have not reached those levels since then.

In response, DuPont said it has moved into higher-growth businesses, for which it has been rewarded with a higher multiple, and called into question Trian's analysis.

"Trian's analysis relies on a 2011 EPS of $4.32 that is not reported in DuPont's public filings, and relates only to an arbitrary year self-servingly selected by Trian that includes data from businesses that are no longer or will no longer be part of the portfolio," the company said in a statement.

Peltz countered that DuPont put out nine EPS numbers in 2011, ranging from $2.03 to $4.02.