Procter & Gamble is reportedly mulling outside PR help as the consumer goods giant is targeted by activist investor Bill Ackman.
Ackman, via his Pershing Square Capital Management hedge fund, set off an investor flurry on Friday that drove up P&G shares after he disclosed a stake in the company.
P&G, which has been struggling and laid out $10 billion in planned cuts earlier this year, could be spurred into bigger changes with the activist Ackman ratcheting up pressure, according to reports. P&G brands include Gillette, Tide, Pringles and Duracell.
Bloomberg said July 16 that P&G has spoken to financial and communications advisors about handling Ackman’s play.
When Ackman staged and ultimately won a proxy fight with Canadian Pacific Railway in May, the transcontinental railway operator brought in New York-based Joele Frank, Wilkinson Brimmer Katcher for PR counsel.
Joele Frank also aided retailer Target in its successful proxy fight against Ackman in 2009.
P&G has declined to comment on whether it has sought outside help. Director of external relations Paul Fox told Bloomberg the company will not comment on “wild rumor and speculation.”
Ackman’s Pershing Square works with New York-based strategic communications firm Global Strategy Group.