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NEW YORK (AP) — Procter & Gamble has hit back at activist investor Nelson Peltz, saying in a letter that he's 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 pushed to secure a seat on the board to help reverse what he says is P&G's disappointing financial performance over the last decade.
In its letter, P&G urged shareholders to vote against Peltz, saying he has offered no new actionable ideas for the company.
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