In a rematch that’s got the business world buzzing, Nelson Peltz and Disney are gearing up for another showdown.
Trian Fund Management, Peltz’s activist firm, is making waves by boosting its Disney holdings to a whopping 30 million shares, valued at a cool $2.5 billion, as per insider sources. This move solidifies Trian as one of Disney’s heavyweight shareholders.
This strategic move follows Peltz’s decision to step back from his initial face-off with Disney just a year ago, and it coincides with Disney’s stocks hitting a year-low. Now, Trian is eyeing not just one but multiple seats on Disney’s board, with Peltz himself in the mix, according to those in the know. Interestingly, in the earlier part of the year, Trian was gunning for just one spot for Peltz.
Mark your calendars: the window for nominating new board members swings open on December 5 and stays ajar until January 4, according to public filings. Should Disney give Trian the cold shoulder, the activist firm has the option to nominate directors during this window, with the showdown taking place at Disney’s annual meeting in the spring of 2024.
As the stage is set for this corporate drama, Disney remains tight-lipped, with no immediate response to inquiries, as reported by The Wall Street Journal, the first to break the news of Peltz upping his Disney ante.
