After failing to make an impact on Disney during the recent shareholders’ meeting, activist investor Nelson Peltz is washing his hands of the mouse. Peltz was seeking to get a seat on the board but lost his bid to current CEO Bob Iger’s handpicked board members.
Peltz sold his stake at $120 a share for a total of $1 billion. The move by Peltz is a possible signal to many that he has little to no faith that Disney will turn things around, which would first require the company to reject its woke ideological activism.
Go to Article
Excerpt from www.hollywoodreporter.com
Billionaire activist investor Nelson Peltz has sold his stake in The Walt Disney Co., nearly two months after losing a bruising and expensive proxy battle with the entertainment giant.CNBC reported Wednesday that Peltz, the founding partner of hedge fund Trian Partners, had disposed of his entire stake in Disney for $120 a share, worth $1 billion.
In January, Peltz, who through Trian and various other partners, such as former Marvel Entertainment chairman Ike Perlmutter, controlled $3.5 billion of Disney stock, officially launched a proxy fight with Disney to win a seat on the company’s board. The investor was sharply critical of the management of the company, particularly the high costs associated with the streaming business, as well as the direction Disney was taking under CEO Bob Iger.
Peltz ultimately failed in his attempts to be selected for the company’s slate of board nominees in April. Peltz’s exit will therefore be seen as a victory for Iger after the proxy fight became a battle for the soul of the company and cost both Disney and Trian tens of millions.
About The Author
