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Nelson Peltz lays out his case for Disney proxy fight, slams Fox acquisition



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Disney is facing a proxy fight as Nelson Peltz’s activist firm Trian Fund Management pushes for a seat on its board.Peltz spoke Thursday on CNBC’s “Squawk on the Street,” making his case for the fight his firm has picked with Disney. He raised issues with Disney’s $71 billion acquisition of Fox in 2019 and how the company’s shareholder value has eroded in recent years.related investing news 42 minutes ago”Fox hurt this company. Fox took the dividend away. Fox turned what was once a pristine balance sheet into a mess,” Peltz said.On Thursday, the activist firm filed a preliminary proxy statement looking to put Peltz on Disney’s board.To preempt what could be a messy proxy battle and opposing Trian, Disney on Wednesday announced that Mark Parker, the executive chairman of Nike, would become the new chairman of the board. Disney’s board will now have 11 members.The activist firm said it owns about 9.4 million shares valued at approximately $900 million, which it first accumulated a few months ago. Trian said Wednesday it believes Disney “lost its way resulting in a rapid deterioration in its financial performance.”Peltz also said he wants to be on the board so he can get access to internal numbers and tell other members if they’re missing out on opportunities.”I don’t need to overwhelm them,” Peltz told CNBC. “I don’t need more than one person on the board.”Shares of Disney were up about 3% on Thursday.Peltz’s grievances Trian called out what it viewed as poor corporate governance on Disney’s part, including failed succession planning, “over-the-top” compensation practices and Disney’s lack of engagement with Trian in recent months.In public filings Thursday, Trian listed its numerous meetings with Disney and its board members, …

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