The war of words between Heinz and Trian continues apace. Heinz yesterday (17 July) issued a press release attempting to convince shareholders that Nelson Peltz is hypocritical.

Peltz is spearheading Trian’s attempt to get five of its members elected to the board of 12 directors, having criticised the food group for its declining share price and alleged failure to return value to shareholders.

Heinz outlines the close family and social connections between Peltz and the people he is attempting to get seats on the board, which include a longstanding business partner, a son-in-law, a former employer and a personal friend. The company alleges that this group would never be able to act independently to ensure the wise investment of Heinz shareholder dollars, and again urged shareholders to vote in favour of the candidates nominated by Heinz at the 16 August shareholder meeting.