According to a source familiar with the situation, activist investor Nelson Peltz has sold his entire interest in Disney Shares
According to Yahoo Finance, Peltz sold his Disney Shares for roughly $120 per share, resulting in a return of about $1 billion.
The development, originally reported by CNBC, comes after Disney successfully fended off Peltz’s bid for board seats at the firm, thereby concluding a fiercely heated proxy struggle that had troubled the entertainment behemoth for months
Peltz had attempted to win board seats for himself and former Disney CFO Jay Rasulo but was ultimately unsuccessful.
At the company’s annual shareholder meeting in early April, Disney announced that the present board would remain in place following a stockholder vote in which the company’s slate won “by a substantial margin.” Disney did not immediately respond to Yahoo Finance’s request for comment.
Peltz’s hedge firm, Trian firm Management, possessed $3 billion worth of Disney common stock, which included shares held by Ike Perlmutter, the former chair of Marvel Entertainment.
When the stock price fell to multiyear lows last year, the activist stepped up her efforts to reorganize Disney’s board.
Peltz had stated before the results were made public at the shareholder meeting that Trian would be keeping an eye on the company’s performance no matter how the vote turned out.
At the time, he stated, “The long-term track record remains disappointing.”
Disney Shares have increased by around 12% since the year began, but it has decreased by about 15% since it beat Peltz in the proxy battle.
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