Benzinga -
- Walt Disney Co (NYSE: DIS) proposed to discuss activist investor Nelson Peltz's bid seeking a board seat on the media and entertainment conglomerate at its annual shareholder meeting on April 3.
- The board urged shareholders to vote against a proposal of Peltz's Trian Group that would reverse recent board changes to bylaws and against a shareholder proposal requesting a report on the company's reliance on China operations, Reuters reports.
- In February, Trian wrote to Walt Disney shareholders to replace board director Michael Froman for his lack of understanding of Disney's businesses and inability to contribute to a rapidly shifting media ecosystem.
- Peltz has served on 11 public company boards, including at Procter & Gamble Co (NYSE: PG). He has said these companies, on average, outperformed the broader stock market index during his time as a director on their boards.
- In January, Disney named a new independent chairman Mark Parker and opposed Peltz's attempt to join the board. Parker has been a member of Disney's board since 2016.
- "While senior leadership of The Walt Disney Company and its Board of Directors have engaged with Mr. Peltz numerous times over the last few months, the Board does not endorse the Trian Group nominee, and recommends that shareholders not support its nominee," Disney said.
- Price Action: DIS shares traded higher by 0.28% at $110.18 premarket on the last check Monday.