Activist investor Nelson Peltz told CNBC on Friday that P&G has wasted more than $100 million to fight his attempt to get on the board.
"This proxy fight is probably the dumbest thing I've ever been involved in," the billionaire CEO of Trian Partners said. "Think about that, $100 million, all this sales and effort, to keep me off the board," he said. "And I've said that if I come on the board, no one has to get off. I will nominate the man to come right back on."
He said the vote, scheduled for Tuesday, will be close.
"I'm not allowed to speculate," Peltz said on "Squawk Box." "But I would agree it's probably going to be close. I only have close ones."
Peltz's $12.7 billion hedge fund, Trian Partners, has taken a $3.5 billion stake in P&G. He told CNBC he's seeking a P&G board seat because the company has "lost its soul."
Peltz said Trian has gotten results even when it has lost proxy fights.
The hedge fund manager said he believes he can still work with P&G Chief Executive Officer David Taylor, adding people can mend fences after the dust settles.