Disney Reportedly Has Votes To Defeat Peltz’s Trian In Proxy Fight; Musk Throws Support Behind Activist Investor 

Disney Reportedly Has Votes To Defeat Peltz’s Trian In Proxy Fight; Musk Throws Support Behind Activist Investor 

Walt Disney Co. and Chief Executive Officer Bob Iger are set to defeat Nelson Peltz’s Trian Fund Management in a multi-month proxy battle, Bloomberg reports, citing people with knowledge of the matter. 

Enough votes had been cast as of Tuesday evening, including ones from Vanguard Group, BlackRock Inc., T. Rowe Price, Norges Bank Investment Management, ValueAct Capital Management, and retail investors to prevent Trian’s Peltz and former Disney chief financial officer Jay Rasulo from joining the company’s board. 

Trian had pushed for changes to management and strategy at the DEI-driven entertainment company to improve years of terrible performance. Just last year, the company suffered a series of movie flops, as one South Park episode explained very accurately that the woke mind virus is destroying the company’s media content.  

Peltz has said, “Disney is stupid because I’m not trying to fire [chief executive] Bob Iger; I want to help him.” He added, “We don’t fire CEOs.”

Nelson PeltzPhotographer: Calla Kessler/Bloomberg

The shareholder vote, slated for Wednesday, is the latest test for Iger, who returned to the helm in November 2022 to save the sinking ship.

Peltz has gained support from a group of current and former directors of major corporations, including Mondelez International Inc., Procter & Gamble Co., and Janus Henderson Group Plc. On Wednesday, the activist even won the support of Elon Musk. 

“Nelson Peltz should definitely be on the Disney board! He would help reform the company, improve the quality of product and generally serve in the best interests of shareholders, as he has done at many other companies. This would significantly improve Disney’s share price.” 

Musk continued, “While I don’t own any Disney shares today, I would definitely buy their shares if Nelson were elected to the board. His track record is excellent.” 

Disney shares have imploded since peaking above $200 in early 2021, recently bottoming around $80. 

In recent months, shares jumped more than 50% to $122 amid the proxy battle. 

Tyler Durden
Wed, 04/03/2024 – 10:15

via ZeroHedge News https://ift.tt/aF6JMkj Tyler Durden

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