Shareholder Nelson Peltz is once again attempting to gather more seats on Disney’s board, following record lows in the company’s stock price, according to The Wall Street Journal.
What’s Happening:
- The activist investor’s Trian Fund Management, now one of Disney’s largest investors with a stake valued at upward of $2.5 billion, is expected to request multiple seats—including one for Peltz.
- If the company says no, Trian could nominate directors that would be voted on at Disney’s annual meeting next spring. The window for shareholder nominations runs from December 5th, 2023 through January 4th, 2024, according to Disney’s proxy materials.
- In January, Peltz started a similar proxy fight with Disney, trying to get a seat on the board.
- At the time, the firm said it owned about 9.4 million shares valued at roughly $900 million.
- In a press release at the time, Trian Group said they believe they "can help Disney restore the magic and reclaim its position as a best-in-class company that delivers highly attractive returns for shareholders."
- Peltz withdrew his nomination in February after Disney unveiled a broad reorganization and cost-cutting plan that sent the stock up briefly.
- This new move from Peltz comes as Disney’s stock hit its lowest point since February 2014, falling to an intra-trading day 52-week low of $78.73 on October 4th.
- Trian has built up its stake in recent months to more than 30 million shares, a significant jump from the roughly 6.4 million shares it held at the end of the second quarter.