Bill Ackman has asked the Securities and Exchange Commission to investigate the Walt Disney Company’s proxy fight following leaks to the media claiming that Disney is on its way to victory over activist investor Nelson Peltz. I’m asking you to start.
Ackman’s hedge fund is not an investor in Disney, but the leak is wall street journal Publications such as , which appear to be aimed at pressuring more institutions and shareholders to vote for incumbent Disney board members.
Such tactics are not only inappropriate, they are illegal, Ackman wrote in a lengthy X post on Tuesday, the day before Disney’s much-anticipated shareholder meeting.
He also speculated that the leak came from either Disney itself or one of its advisers. “If Mr. Peltz had ‘won,’ there would have been no leak to the press,” he said.
There have been some recent press articles about. @Disney He “won” his proxy contest against Nelson Peltz, based on early election results leaked to the media. Although we don’t invest in Disney, we thought it would be helpful to point out their inadequacies…
— Bill Ackman (@BillAckman) April 2, 2024
“@SECGov should conduct a thorough investigation into this proxy contest and appropriately punish those responsible for this lapse in shareholder governance and justice,” Ackman wrote. “A company of the caliber of Disney and its advisors should not behave like this.”
Ackman added that he “strongly” recommends that Disney shareholders vote to add Peltz to the company’s board of directors.
“Ask yourself why the company is fighting so hard to keep him. The fact that the company leaked early profits to the media shows that an activist of Nelson’s caliber is in the best interest of all shareholders This is further proof that I am qualified to serve on this board.”
As reported by Breitbart News, Disney will hold its annual shareholder meeting on Wednesday, with the event scheduled to begin at 1pm ET.
Peltz believes Disney has lost its way and is trying to secure a seat on the board. Specifically, he is aiming to win two seats by nominating himself and former Disney CFO Jay Laszlo. He is seeking to replace two Iger supporters, Maria Elena Lagomasino and former Mastercard executive Michael Froman.
Under CEO Bob Iger, Disney has embraced woke identity politics and made transgenderism and radical LGBTQ activism central to its corporate mission.
The results were dire. Disney has recently experienced a series of box office disasters unprecedented in the company’s history. Disney has also waged an expensive and reckless culture war against the state of Florida, a battle it recently lost.
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