Disney strikes truce with activist investor ValueAct during proxy battle with Nelson Peltz
NY Post
Activist investment firm ValueAct Capital Management agreed to back Walt Disney’s board nominees at its upcoming shareholder meeting as the entertainment giant looks to fight off a proxy battle from Nelson Peltz.
Disney signed an agreement to share confidential company information with ValueAct, plus consult with the San Francisco-based firm “on strategic matters, including through meeting with the Disney Board and management,” per a press release shared with The Post on Wednesday.
“ValueAct Capital has a track record of collaboration and cooperation with the companies it invests in, and its co-CEO Mason Morfit has been very constructive in the conversations we’ve had over the past year,” Disney Chief Executive Bob Iger said in the notice.
In recent months, ValueAct has built a large stake in Disney.
While the exact size of ValueAct’s stake in the Mouse House is unclear, the activist investor has said it foresees Disney’s stock price trading between $120 and $190 a share, far above its $90.35-per-share price upon Wednesday’s opening bell.
Representatives for Disney and ValueAct did not immediately respond to The Post’s request for comment.
