I disagree. One guy became convinced, for honest and legitimate reasons, that the deal was no good, and he went to the right people and convinced them, using honest, legitimate reasons, that the deal was no good, and then the guy who was properly placed to make the decision scotched the deal while honestly presenting his reasons for opposing it.
Maybe I'm a little jaded, but that sounds pretty darned good to me. I would call it "politics" if the people involved did things for selfish reasons, hid their true motivations, spread misinformation to support their cause, or conspired to avoid oversight. When someone does things for the right reasons, is open about his reasons, and doesn't override other people using authority he doesn't have, it's hard to see him as underhanded. So the guy who made the decision stage-managed a meeting to dramatize his reasons for deciding as he did -- so what? The guy presenting the slide deck hid his opinion about the deal, but only for dramatic purposes, and only at a point where his opinion had ceased to matter because the exec in charge had already made up his mind.