STANDOFF
P&G board fight gets tougher
Procter & Gamble is facing longer odds in its standoff with Nelson Peltz
New York — Procter & Gamble (P&G) is facing longer odds in its standoff with Nelson Peltz, the billionaire investor who is vying for a board seat in one of the most contentious proxy fights in years. Peltz won the approval of shareholder-advisory firm Institutional Shareholder Services on Friday, following a similar endorsement from Glass Lewis & Co the previous week. The firms’ support could give Peltz a crucial edge in persuading the consumer products group’s biggest investors to vote him onto the board during its annual meeting on October 10. P&G has to convince shareholders its board is doing fine without Peltz’s meddling. It has scheduled a webcast on Tuesday, when CEO David Taylor and chief financial officer Jon Moeller will field questions from investors. Bloomberg
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