Benzinga - by Michael Cohen, Benzinga Editor.
During an interview on CNBC with Jim Cramer on Thursday, Nelson Peltz, the activist investor, corrected misconceptions regarding his financial gain from a proxy battle with Walt Disney Co (NYSE:DIS).
Initially reported as a $300 million “consolation prize” by various media outlets, Peltz said the actual figure far exceeds that, hinting at a $1 billion gain.
Peltz stressed the responsibility he bears towards his investors. “The fact is that we have an obligation to our investors, okay. We have to make returns through our investments,” he said. This commitment extends to board involvement, where their obligation “moves to the board.”
Peltz highlighted his success with Disney, stating, “I think we’ve done right for them in terms of our investment in Disney” CNBC reports.
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The discussion also touched on the unexpected voting behavior of some index funds during the proxy battle. Despite receiving positive feedback and commendations from a proxy adviser, these funds ultimately voted against Peltz.
“I was very surprised at that,” said Peltz, who also was disappointed about it.
Peltz revealed his extensive efforts to garner support, citing “93 engagements” in the Disney proxy fight. Despite the positive reactions during these meetings, especially with major index funds, the outcome did not align with his expectations.
“I thought all three of them were very good. And so I was quite surprised that they didn’t vote for us,” he said.
Meanwhile, Disney CEO Bob Iger expressed relief over the outcome of the "distracting” proxy fight, which “diluted” his time and attention away from core business priorities.
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This article was generated using artificial intelligence tools and was reviewed by Benzinga editors.
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