Disney has won its proxy battle against Nelson Peltz and Trian but may have lost the war.
Almost immediately after it was announced that the current Disney board would remain intact during their 2024 Annual Meeting of Shareholders Webcast, DIS stock began dropping.
It would appear that the recent spike in Disney’s stock price might have been due in part to shareholders anticipating change at the House of Mouse.
“I want to thank our shareholders for their trust and confidence in our Board and management. 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,” Iger said to CNBC.
It’s been reported that Disney spent nearly $40 million trying to fend off Trian and Blackwells, who allege that Disney has lost its way in recent years and failed its shareholders and customers.
“While we are disappointed with the outcome of this proxy contest, Trian greatly appreciates all of the support and dialogue we have had with Disney stakeholders. We are proud of the impact we have had in refocusing this Company on value creation and good governance,” Trian said in a statement of its own.
Time will tell if Disney shareholders are as optimistic about the future of Disney as Disney is. If nothing else, maybe the “near-death experience” will put the fear of Walt into them once again.
[Source: CNBC]
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