Nelson Peltz (Unilever PR pic)
Nelson Peltz, the billionaire activist investor, revived his proxy fight for the control of the Walt Disney Company. His firm Trian Fund Management currently holds about $3 billion in Disney stock.
Trian revealed a few days ago that Disney extended an offer to the firm to meet with its board, but Disney also said it was turning down Trian’s recent request for Board representation. Disney rejected any inclusion of Nelson Peltz on its board. including Nelson Peltz.
Trian responded by charging that since Disney rejected a takeover bid from earlier this day, its shareholders have paid the price saying in a statement, “Since we gave Disney the opportunity to prove it could ‘right the ship’ last February, up to our re-engagement weeks ago, shareholders lost ~$70 billion of value.”
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The firme also said thast Disney’s share price has “underperformed proxy peers and the broader market over every relevant period during the last decade and over the tenure of each incumbent director,” adding that investor confidence is low for Disney.
The firm went on to say that it intends to go over the ehads of the Disney board, so to speak, and bring it case directly to the company’s shareholders, charging that the board has caused a “significant value destruction” for the shareholders and that it is guilty of “missteps.”
Nelson Peltz is an American billionaire businessman and investor. He is a founding partner, together with Peter W. May and Edward P. Garden, of Trian Fund Management, an alternative investment management fund based in New York. He is non-executive chairman of Wendy’s Company, Sysco, and The Madison Square Garden Company. He is a former director of H.J. Heinz Company, Mondelēz International, and Ingersoll Rand and a former CEO of Triangle Industries.
Peltz is known for being an activist investor, which means that he buys stakes in companies and then pushes for changes to improve their performance. He has a reputation for being tough and demanding, but he has also been successful in helping companies to improve their profitability.
