The Walt Disney Company appears poised to win enough votes from shareholders to secure its board, after hedge fund Trian Fund Management tried to have its co-founder, Nelson Peltz, and Disney's former chief financial officer, Jay Rasualo, added to the board, according to multiple reports.
Disney's board of directors is ahead of Peltz and Rasualo in shareholder votes, according to The Wall Street Journal, while Reuters reports that Disney secured enough votes to defeat the challenge.
Disney's victory is not certain, as there is a chance that shareholders may change their vote before Disney's annual shareholder meeting, which is scheduled to begin at 1 p.m. ET on Wednesday. The results are slated to be announced at the meeting, and Disney will broadcast the event live.
If the votes remain the same, it will be a win for Disney CEO Bob Iger and the board, as they have fought to prevent Peltz and Rasulo from joining. Regardless, Trian is likely to have a financial victory, as Disney shares are up nearly 50% from early October, when Peltz said he would try to secure seats.
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