Disney Rallys Support from Activist Hedge Funds To Counter Board Challenge
Activist hedge funds ValueAct Capital and Blackwells Capital are supporting Walt Disney in its defense against a board challenge from Trian Fund Management. ValueAct has reached a deal to advise Disney on strategy and support its board nominees at the upcoming annual shareholder meeting. Blackwells said it will nominate three directors to Disney's board who support the company's strategy.
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00:00 It's Benzinga and here's what's on the block.
00:02 Activist hedge funds Value Act Capital and Blackwell's Capital are supporting Walt Disney
00:06 in its defense against the board challenge from Tryon Fund Management. Value Act has reached a
00:11 deal to advise Disney on strategy and support its board nominees at the upcoming annual shareholder
00:15 meeting. Blackwell said it will nominate three directors to Disney's board who support the
00:19 company's strategy. Nelson Peltz, CEO of Tryon, has nominated himself and a former Disney CFO
00:25 to the Disney board to help with cost-cutting, CEO succession planning, and improving the street
00:29 business. Disney already refreshed its board in November, adding two new directors in an
00:33 effort to blunt the challenge. For all things money visit Benzinga.com