Blackwells Blasts Nelson Peltz For Failing to Offer “One Strategic Idea That Would Benefit Shareholders”
Despite the fact that The Walt Disney Company has asked shareholders to reject both of their board nominees, there is no love lost between Blackwells Capital and Nelson Peltz’s Trian Group.
In a press release today, Blackwells Chief Investment Officer Jason Aintabi blasted Peltz for failing to come up with “one single strategic idea.”
“Mr. Peltz has not offered a single strategic idea that would benefit shareholders. Astoundingly, Mr. Peltz recently claimed that he would like ‘a guy who doesn’t have media experience’ on the Disney board. We remind Mr. Peltz that Disney is a significant media company and, now more than any time in its history, needs Board members with deep media experience,” Aintabi said.
Disney Has Opposed Both the Blackwells and the Peltz’s Nominees
While Peltz has openly launched a proxy fight in a bid to secure seats on the Disney board for himself and former Disney executive Jay Rasulo, Blackwells has traditionally worked well with the Disney board in the past.
Still, after Disney entered into an information-sharing agreement with shareholder ValueAct and then publically opposed the Blackwells board nominees, Aintabi took offense.
“Showering one shareholder with information that is withheld from all other shareholders will only make matters worse,” Aintabi said.
Disney Will LIkely Win Out
Heading into this year’s annual shareholder meeting, Disney’s board nominees will face opposition on two fronts. Still, shareholders have traditionally acquiesced to Disney’s wishes, meaning a third-party nominee securing a seat remains unlikely.
With so much uncertainty, however, this year’s annual meeting is shaping up to be the most dramatic in recent memory.
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