Nelson Peltz declares the Disney proxy fight is over between his firm, Trian Fund Management, and Disney.
What's Happening:
- Nelson Peltz has said the proxy fight is over between his firm, Trian Fund Management, and Disney following the company’s announced restructuring.
- Speaking to CNBC’s Jim Cramer (who previously stated that Disney should add Peltz to the Board), Peltz said, "My Dad once told me that you can only win once. This was a great win for all the shareholders. Management at Disney now plans to do everything that we wanted them to do. We wish the very best to Bob, his management team, the board. We will be watching, we will be rooting, and the proxy fight is over."
- In January, Trian started a proxy fight with Disney, trying to get Peltz 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 last month, 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."