The latest recount tally showed that activist investor Nelson Peltz inched out a win for a board seat at Procter & Gamble. But the proxy fight is not over until it's over. Next, the two sides will descend into the "snake pit." That's the rare process by which advisers for P&G and Peltz's Trian Partners will hunker down into a room and review each contested vote to ensure that it's valid.
said last week it won. Nelson Peltz's Trian Fund Management said the vote was "too close to call." What happens now?The two sides in the most expensive proxy battle will likely descend into the "snake pit. "Not the proverbial snake pit. It's actually called the "snake pit." The term is colloquially used by proxy-fight participants to describe the process where they investigate each contested vote.
Procter & Gamble said last week that it won the proxy fight. Trian Fund Management said the vote was "too close to call." What happens now? The two sides will likely descend into the "snake pit." Not the proverbial snake pit. It's actually called the "snake pit." The term is colloquially used by proxy-fight participants to describe the process where they investigate each contested vote and determine who it belongs to.
From this awesome @katekelly piece on the rivalry between GS's co-COOs.
“If I come over to your house at Thanksgiving and I sharpen your knife, you will definitively know the difference right away." -- Harvey Schwartz
(He's referencing his time as a butcher not backstabbing!)
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