Komfie Manalo, Opalesque Asia: Trian Fund Management LP, the Nelson Peltz-led activist hedge fund that owns about $1.8bn in DuPont Co. shares, has rejected a proposal by DuPont to appoint one of its nominees to the firm’s board. Peltz submitted four names, including himself, for nomination in DuPont’s board.
"We are disappointed that you refused to consider any path forward that did not involve putting you personally on the board," Reuters quoted a letter from DuPont sent to Peltz. The chemical company submitted its counter-proposal to Peltz after reviewing the four names given by the hedge fund firm.
However, DuPont said it is still open to discuss the matter with Peltz and added the company is willing to accept an addition to its board if Trian will agree to withdraw its slate of nominees.
Early last month, Trian submitted its four candidates for DuPont’s board of directors, which could lead to a breakup of the company.
In what might be one of the biggest proxy battles ever, Trian said it would back Peltz, who is CEO of the hedge fund and one of its founding partners; John H. Myers, former president and CEO of GE Asset Management; Arthur B. Winkleblack, former executive vice president and chief financial officer of H.J. Heinz Co., to be...................... To view our full article Click here
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