"Disney Ahead in Trian Proxy Fight With Most of Votes Counted"
Posted by
David (aka David)
Apr 2 '24, 14:17
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From Bloomberg:
"Walt Disney Co.’s management is pulling ahead with more than 60% of the votes counted in its proxy fight with Nelson Peltz’s Trian Fund Management, according to people with knowledge of the matter.
Vanguard Group Inc. is voting for Disney’s slate of board nominees at a much-anticipated meeting set for Wednesday, according to the people, who asked not to be identified discussing confidential information.
Vanguard is the biggest investor in Disney, with a roughly 8.3% stake, Bloomberg-compiled data show. Its backing is a major boost for Disney’s board as it looks to stave off a challenge from Trian over leadership and strategy.
Trian wants to have Peltz and Jay Rasulo, a former Disney finance chief, elected to the board to help push through its plans for improving performance at the media and entertainment giant, which it has accused of costing investors billions of dollars in recent years. Another activist investor, Blackwells Capital, has also nominated three directors to the board of Disney.
A representative for Disney didn’t respond to requests for comment. A spokesperson for Vanguard declined to comment."
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