Reuters: Private Equity: UPDATE 1-Peltz declines to join Ingersoll board

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UPDATE 1-Peltz declines to join Ingersoll board Jun 20th 2012, 22:23 June 20 | Wed Jun 20, 2012 6:23pm EDT June 20 (Reuters) - Nelson Peltz declined to join Ingersoll Rand's board, citing restrictions imposed on the activist investor by the maker of air conditioners and security systems. Peltz, who owns a 7 percent stake in Ingersoll through his Trian Fund Management, received an unsolicited invitation from Ingersoll CEO to join the board without any restrictions such as a standstill agreement, according to a regulatory filing. However, once Peltz agreed to the offer, Ingersoll notified him that the invitation was subject to Trian agreeing not to call for an extraordinary general meeting of shareholders until the 2013 annual meeting. That prompted Trian to decline the CEO's offer. Peltz revealed his Ingersoll stake in May and said he wants to talk to the company's management and its board about pursuing strategic options, including a restructuring of its key segments.

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