Complex sentence: Billionaire Nelson Peltz initiated a proxy battle during 2006, culminating in a vote to place Peltz's nominees on the Board, which, depending on how many seats the dissident group received after the final vote tally, would displace some of the current board members.
Split into simpler sentences: Billionaire Nelson Peltz initiated a proxy battle during 2006, culminating in a vote to place Peltz's nominees on the Board. Depending on how many seats the dissident group received after the final vote tally, this action would potentially displace some of the current board members.