Consumer goods giant Procter & Gamble fired the latest salvo in its battle with activist shareholder Nelson Petlz Thursday, dismissing a 94-page white paper prepared by Peltz as containing “nothing substantive”. The company said it has held numerous talks with Peltz since he amassed a stake in the company, but that he has a “very outdated and misinformed” view of the company. “P&G is confident it has the right plan, the right structure and the right Board in place to continue its successful transformation and deliver results and shareholder value for the short-, mid- and long term,” said the company, reiterating the stance it has taken with Peltz from the outset. The company was already on the right track before he made his investment, it said, and is a “profoundly” different company today than it was a few years ago. P&G shares were not yet active premarket, but have gained 10% in 2017, matching the performance of the Dow Jones Industrial Average and the S&P 500 .
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