Davis Comments on P&G’s Claimed Victory in Proxy Battle

Partner Gardner Davis discussed Procter & Gamble’s unusual move in declaring victory in its proxy battle with activist investor Nelson Peltz and his Trian Fund Management in a Fortune article, “P&G Did Something Odd in Declaring Victory Against Nelson Peltz.”

P&G submitted an 8K regulatory filing announced the preliminary outcome of the vote and relied on estimates. The filing included a footnote which offered at least areas in which it has deployed estimates of the tally.

“I don’t ever recall seeing a footnote like the one in P&G’s 8K,” Davis said. “This is so much of a high-stakes battle. I think they were under tremendous pressure to declare victory.”