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Nelson Peltz’s Proxy Challenge with Disney Reignites

The ongoing proxy battle between Nelson Peltz’s Trian Fund Management and Disney (DIS) is gaining momentum once again.

In a recent press release, Trian Fund Management announced that Disney extended an offer to meet with the board but refused their request for representation, sparking Trian’s intention to directly engage with shareholders.

Sources reveal that Trian is not only seeking multiple board seats at Disney but also has the support of former Marvel executive Ike Perlmutter, who has entrusted his stake in the company to Trian.

“Disney’s share price has underperformed proxy peers and the broader market over every relevant period during the last decade and over the tenure of each incumbent director. Investor confidence is low, key strategic questions loom, and even Disney’s CEO is acknowledging that the Company’s challenges are greater than previously believed,” Trian stated.

In response, Disney emphasized its cost-cutting efforts in the past year, aiming to achieve about $7.5 billion in cost savings.

However, Disney also pointed out that Perlmutter owns 78% of the shares that Peltz claims beneficial ownership of, casting doubt on Peltz’s motivations and agenda.

Following this exchange, Disney announced in an SEC filing the addition of James Gorman and Jeremy Darroch to its board, leading Trian to express skepticism about the potential impact of these appointments on investor confidence or the company’s performance.

Disney shares remained flat in afternoon trading on Thursday, reflecting the ongoing tension between Trian Fund Management and Disney since Peltz’s previous proxy battle in February.

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