(The Standard) Procter & Gamble is hitting back at activist investor Nelson Peltz, saying in a letter Tuesday that he is not entitled to a board seat just because he wants it. Peltz’s hedge fund has a 1.5 percent stake in the consumer products company. He has used that position to push for a seat on the board to help reverse what he says is P&G’s disappointing financial performance over the last decade.
Procter & Gamble Tells Shareholders to Fend Off Hedge Fund Investor Peltz
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