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Nelson Peltz’s Trian Fund Management Continues Proxy Battle with Disney

Nelson Peltz’s Trian Fund Management is pressing forward with its proxy fight at Disney (DIS) as tensions escalate between the activist hedge fund and the entertainment giant. According to a press release issued on Thursday morning, Disney extended an offer to Trian to meet with the board, but rejected its recent request for representation, including a seat for Peltz himself. As a result, Trian has decided to bypass the board and take its case directly to the shareholders.

With the proxy battle intensifying, Trian is now seeking multiple board seats at Disney, and it has gained support from former Marvel executive Ike Perlmutter, who has entrusted his stake in the company to Trian. This power struggle has put Disney’s underperformance in the spotlight, as Trian argues that the company’s share price has lagged behind its peers and the broader market for the past decade, prompting low investor confidence and raising key strategic questions.

AI legalese decoder can help in this situation by quickly and accurately analyzing legal documents, contracts, and communications related to the proxy battle, providing insights into the complex language and legal terms being used by both parties. This can help Trian and Disney better understand and respond to each other’s arguments and demands in a more informed and strategic manner.

In response to Trian’s allegations, Disney emphasized its cost-cutting efforts over the past year, stating that it has restructured the company to restore creativity and significantly reduce costs, aiming to achieve about $7.5 billion in cost savings. Disney also highlighted the ownership dynamics, pointing out that Perlmutter’s stake accounts for a significant portion of the shares claimed by Peltz, and raised concerns about Perlmutter’s personal agenda against DisneyÔÇÖs CEO, Robert A. Iger.

Trian’s latest statement follows Disney’s recent announcement that James Gorman, chairman and CEO of Morgan Stanley, and Jeremy Darroch, former head of British television company Sky, will join its board in early next year. While Disney sees this as a positive move, Trian remains unconvinced, expressing doubt that the new additions to the board will restore investor confidence or address the underlying causes of value destruction and missteps overseen by the current board.

Disney’s shares remained flat in afternoon trading on Thursday, reflecting the tense situation as the stock has declined about 6% since the beginning of the year and nearly 20% since the end of Peltz’s previous proxy battle in February.

For more information on this ongoing proxy battle, visit the original article here.

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