Disney gains upper hand in boardroom battle against activist investors
Walt Disney (DIS.N) seems to have gained the upper hand in the battle for board seats and the future direction of the global entertainment conglomerate, with over half of all shares voted before the company’s annual meeting on Wednesday.
T. Rowe, a major shareholder in Disney, supported the company by voting to re-elect Maria Elena Lagomasino and Michael Froman, the two Disney directors challenged by Nelson Peltz’s Trian Fund Management.
The showdown between Disney’s top executives and activist investors like Trian and Blackwells Capital intensified in the lead-up to the annual meeting, with both sides making last-minute efforts to sway voters in favor of their board candidates. While Disney seeks to maintain its current board composition, Trian and Blackwells are advocating for their own seats.
Source: Reuters