According to Reuters, T. Rowe Price stated it has voted for Disney's directors.
What's Happening:
- Mutual fund firm T. Rowe Price has voted for the entertainment giant's current directors.
- The company owns over 11 million shares in the Walt Disney Company.
- That amounts to 0.64% of Disney stock, making them a top 20 shareholder in the company.
- In turn, this vote would be a blow to both Trian Fund Management and Blackwells Capital as they seek board seats.
- T. Rowe Price said they voted for Maria Elena Lagomasino and Michael Froman, who are the two Disney-appointed incumbent directors being targeted by Trian/Peltz.
- The spokesperson for T. Rowe Price said, "T. Rowe Price is comfortable that management has a viable plan to address the important matters facing the company.”
- Reports indicate that Disney has pulled ahead in the fight against Trian, with more than half of the votes cast.
- However, not only does voting continue but shareholders are able to change their mind on cast ballots up until the vote closes.
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