Reported 4 months ago
Billionaire Nelson Peltz's Trian Fund Management has sold its entire stake in Walt Disney after a boardroom battle, per CNBC. The hedge fund was Disney's fifth-largest shareholder with a 1.77% stake and sold it at around $120 per share, making about $1 billion. Peltz and Blackwells Capital launched separate campaigns seeking change at Disney, with Peltz aiming for board seats but only gaining 31% shareholder support. Disney shareholders backed CEO Bob Iger, leading to Trian's stake sale. Disney and Trian declined to comment on the matter.
Source: YAHOO