Procter & Gamble urged its shareholders to vote for all of the directors nominated to its board at its upcoming annual meeting and to reject a bid by Trian Fund Management's Nelson Peltz to obtain a seat on the board.
In a letter to its shareholders, P&G said the activist investor initiated the proxy fight to "satisfy his own agenda."
"You are being asked to choose between a Board and management team that are successfully executing a proven plan to build a better and more valuable company and Mr. Peltz, who has not offered any new, actionable ideas to deliver value beyond the plan that we already have in place," the company said in a letter. "Mr. Peltz does not bring any new or needed skills to our Board. We believe that adding him to the Board would derail the very significant value creation progress we are making."