Activist investor Nelson Peltz and his firm, Trian Fund Management, seek more than two seats on the board of entertainment giant Walt Disney & Co
Trian Fund Management announced its intention to directly engage shareholders in advocating for transformative changes within the company, while Disney suggested that the proxy fight might stem from a personal vendetta held by one of Peltz's allies, former Marvel executive Ike Perlmutter.
In a statement, Disney said, "Over the past twelve months, we restructured the company to restore creativity to the center of all our businesses as we significantly reduce costs and drive efficiencies, and we are on track to achieve about $7.5 billion in cost savings - $2 billion more than our original target."
The company also added that Mr. Peltz, in partnership with Isaac Perlmutter, a former Disney executive, intends to take its case to shareholders.
Mr. Perlmutter owns 78% of the shares that Mr. Peltz claims beneficial ownership of or more than 25 million of the 33 million shares.
CNBC noted that earlier today, Trian stated that Disney proposed arranging a meeting with the entertainment company's board.
However, they declined Trian's offer to become part of the board, which included the inclusion of Peltz. The statement did not specify the number of seats Trian intends to pursue.
Price Action: DIS shares are up 0.06% at $92.56 on the last check Thursday.
