Disney is currently ahead of activist investors including Nelson Peltz’s Trian Group as the proxy battle reaches its climax, with more than half of all shares voted prior to the company’s shareholder meeting tomorrow, according to Reuters.
What’s Happening:
- T. Rowe, which owns roughly 11.7 million shares in Disney, representing about a 0.64% stake, backed the company and said it had voted to re-elect Maria Elena Lagomasino and Michael Froman, the two Disney directors being challenged by Nelson Peltz's Trian Fund Management.
- Disney’s second-largest shareholder, BlackRock, also added their support, according to sources familiar with the matter.
- While Disney is currently ahead in the proxy battle voting, things could change as more votes come in today. Also, those who have already voted will have a chance to change their decision.
- Top executives at Disney, activist investors Trian and Blackwells Capital, and armies of call center workers hit the phones to woo voters in last-minute pleas to elect their board candidates.
- On Monday morning Trian said again in materials sent to investors that current Disney directors Lagomasino and Froman – "one an advisor to wealthy families and the other with experience in foreign affairs" – lack relevant skills.
- Disney’s Annual Meeting of Shareholders, which is when the vote will end, is set for April 3rd.