Activist investor Nelson Peltz declares Disney proxy fight is over after Iger unveils restructuring

Nelson Peltz declared the proxy fight between his firm, Trian Fund Management, and Disney was over on Thursday following the company’s announced restructuring.

“Now Disney plans to do everything we wanted them to do,” Peltz said on CNBC’s “Squawk on the Street” on Thursday. “We wish the very best to Bob [Iger], this management team and the board. We will be watching. We will be rooting.”

“The proxy fight is over,” Peltz said.

Earlier in January Trian launched a proxy fight with Disney, pushing for Peltz to gain a seat on the board. The activist firm said at the time it owned about 9.4 million shares valued at roughly $900 million, which it first accumulated a few months prior.

Peltz had criticized Disney’s $71 billion acquisition of Fox in 2019 and failed succession planning. He had also called out “weak corporate governance” over the years that has eroded shareholder value.

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