Disney (NYSE:DIS) has entered into a confidential agreement with ValueAct Capital Management, securing its support for the company’s board nominees amid an ongoing proxy battle with Nelson Peltz.
The Walt Disney Co. announced on Wednesday that the confidentiality agreement with ValueAct enables the company to share information and seek advice on strategic matters through consultations, including meetings with its board and management.
In a statement, Disney CEO Bob Iger expressed appreciation for ValueAct’s collaborative approach, noting that the investment firm, led by Co-CEO Mason Morfit, has a history of constructive engagement with the companies it invests in. Iger welcomed ValueAct’s input as long-term shareholders.
ValueAct confirmed its endorsement of Disney’s proposed slate of board nominees.
Last month, Trian Fund Management, led by Nelson Peltz, disclosed plans to nominate Peltz and former Disney CFO James Rasulo to Disney’s board. Trian, which holds $3 billion in Disney common stock, aims to present the nominees at the company’s 2024 annual shareholders meeting.
Disney’s governance and nominating committee will review Trian’s nominees, as well as those proposed by Blackwells Capital, which also plans to nominate three individuals to Disney’s board. The committee will provide recommendations to the board as part of Disney’s governance process.
The proxy battle with Peltz has been ongoing for nearly a year. Peltz initially sought a board seat in January, accusing Disney of self-inflicted problems. The conflict subsided in February after Disney’s major restructuring announcement. However, Trian revived the proxy battle in November, prompting Disney to defend itself and its board.
Peltz, known for successful proxy battles at companies like DuPont and Procter & Gamble, faces continued scrutiny as the battle unfolds. In morning trading, Disney’s stock saw a modest increase of 14 cents to $90.85.
Featured Image: Megapixl
Author Stephanie Bédard-Châteauneuf 
