Nelson Peltz Adds More Disney Stock To His Portfolio
Months after ending his bid for a seat on the Walt Disney Company board of directors, activist investor Nelson Peltz’s Trian Fund Management has purchased roughly 500,000 more shares of Disney stock.
The latest acquisitions, which have been accumulated since the end of March, bring the company’s total holdings to nearly 6.4 million shares.
Peltz, and his proxy battle with Disney to gain a seat on the company board, was one of the many headaches that Bob Iger had to deal with when re-assuming his role as Disney’s CEO.
Peltz and Trian then launched the Restore the Magic Campaign to pressure Disney into making drastic changes and granting Peltz a board seat.
A Detente With Disney
Following Bob Iger’s announcement in February that the company would be shedding 7,000 jobs in an effort save $5.5 billion, Peltz ended his proxy battle.
“On Feb. 8, 2023, Disney committed to strategic and operating improvements that generally aligned with the initiatives we had previously discussed with the company,” Trian said in a statement.
“We believe these initiatives can create value and are monitoring management’s execution closely.”
While Peltz publicly saved face by ending his bid, Trian cut its stake in Disney by 34% between the beginning of the year and the end of March.
Betting On Disney
Although it seemed Trian may have been bullish on the company, that no longer seems to be the case. With 6.4 million shares, Trian has remained one of Disney’s largest shareholders.
In the end, it looks like despite not getting what he wanted, Nelson Peltz still believes in the long-term value of Disney.
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