Disney Defeats Billionaire’s Attempt To Take Over Its Board Seats

Disney ‘has defeated activist investor Nelson Peltz’s hostile takeover attempt after billionaire claimed entertainment giant has lost its way’

“I want to thank our shareholders for their trust and confidence in our board and management,” said Disney CEO Bob Iger. “With the distracting proxy contest now behind us, we’re eager to focus 100% of our attention on our most important priorities: growth and value creation for our shareholders and creative excellence for our consumers.”

Peltz had nominated himself and former Disney CFO Jay Rasulo to the board of the entertainment giant’s directors, slamming CEO Bob Iger as ‘underperforming.’His firm, Trian Fund Management, which owns about $2.5 billion worth of Disney shares, submitted the filing in January, sparking Peltz’s second proxy war in the company in just two years.The firm is in being supported by influential advisory firm Institutional Shareholder Services, which recommended that its clients vote in Peltz’s favor.

Major Disney shareholders such as George Lucas and Laurene Powell Jobs supported Iger’s management in the battle, as did JPMorgan Chase CEO Jamie Dimon, former Disney CEO Michael Eisner, and the grandchildren of company founders Walt and Roy O. Disney.