It might make sense to take a look at Peltz's near victory at DuPont Co. in 2015 for some guidance. Until Peltz's Procter & Gamble battle this year his effort to get board seats at DuPont represented the largest proxy fight to go to a vote at a U.S. corporation. Even though Peltz narrowly lost that fight, he threatened to return in 2016. In the months following his defeat, DuPont stock price dropped, and it subsequently replaced its CEO, Ellen Kullman. With Peltz hovering, DuPont began merger discussions with Dow Chemical, which was targeted by another activist, Dan Loeb. In the end, DuPont combined with Dow Chemical in a $150 billion merger to create DowDuPont, which will break up into three companies in the months to come.