Disney Inks New Agreement With ValueAct, Securing Its Support for the Company’s Board Nominees

Disney has a new ally in activist investor ValueAct Capital Management, garnering its support for the company’s board nominees as it continues to wage a proxy battle with Nelson Peltz.

The Walt Disney Co. said Wednesday that a confidentiality agreement with ValueAct will allow the company to provide information to ValueAct and consult with it on strategic matters, including through meetings with its board and management.

“ValueAct Capital has a track record of collaboration and cooperation with the companies it invests in, and its Co-CEO Mason Morfit has been very constructive in the conversations we’ve had over the past year. We welcome their input as long-term shareholders,” Disney CEO Bob Iger said in a statement.

Read the source article at AP News