Disney shares were up 2% at mid-day Monday, extending their recent rally, as the company renewed its attacks on activist investor Nelson Peltz.
In a video posted to VoteDisney.com criticizing Peltz and his firm, Trian Fund Management, Disney said the investor’s pursuit of board seats for himself and ex-Disney CFO Jay Rasulo “seems more about vanity than a belief in Disney.” The company added that Rasulo “hasn’t been employed since leaving Disney” in 2015.
The proxy fight is set to play out April 3 at the company’s annual shareholder meeting, which will be a virtual event this year.
Disney stock hit $112.76 with two hours left in the trading day. It has rebounded significantly since touching multi-year lows last fall, rising almost 25% in 2024 to date. (Trian has pointed to shareholder returns well below the broader market on a 3-year and 5-year basis and has also noted that the stock’s recent record high near $190 came in 2021 during the tenure of former CEO Bob Chapek.) Another activist firm, Blackwells Capital, has criticized Disney’s board and has put forward three of its own nominees, but it differs from Trian on several points.
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