:Activist investor Nelson Peltz on Thursday ended his quest for a board seat at Walt Disney Co after Chief Executive Bob Iger laid out plans to fix the home of Mickey Mouse, cheering investors.'The proxy fight is over. This is a win for all shareholders,' a spokesperson for Peltz's Trian Fund Management said.
:Activist investor Nelson Peltz on Thursday ended his quest for a board seat at Walt Disney Co after Chief Executive Bob Iger laid out plans to fix the home of Mickey Mouse, cheering investors.
Disney issued a statement applauding Peltz's decision to end a board challenge which it called a"distraction."We have tremendous faith in Bob Iger’s leadership and the transformative vision for Disney’s future he set forth yesterday," the board said. Disney Entertainment co-Chairmen Alan Bergman and Dana Walden will be responsible for global entertainment content, including streaming. Bergman will oversee film, animation, live action, the theatrical group and music, and Walden will be responsible for television and Hulu originals.
For Peltz's Trian Fund Management the board challenge appears to have paid off with an estimated 20 per cent gain on his investment. Based on public filings, Peltz paid an average $94.09 per share for his initial investment.
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