The Walt Disney Company has struck an agreement with ValueAct Capital Management, gaining the support of the activist investor for its board nominees at the crucial upcoming annual meeting.
According to Disney, the confidentiality pact will “facilitate strategic consultation during [the] company’s transformation.” It also allows Disney to “provide information to the investment firm and consult with ValueAct on strategic matters, including through meetings with the Disney Board and management.” For its part, ValueAct has confirmed it will support the Disney directors board’s recommended slate of nominees at the 2024 Annual Meeting.
The San Francisco-based investor, which has quietly been building a stake in Disney, has been active in transformation processes at Spotify, The New York Times, 21st Century Fox, Nintendo, Microsoft, Adobe and Salesforce.
Disney is currently in the midst of a prexy battle with another activist shareholder, Trian Fund Management, which in December made an unsolicited effort to nominate its co-founder, Nelson Peltz, and ex-Disney CFO James Rasulo to the media giant’s board of directors.
Read more on deadline.com
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