Activist ValueAct Backs Disney Board Slate With Information-Sharing Deal

Activist investor ValueAct reached a deal to back Walt Disney’s slate of board nominees at the coming 2024 shareholder meeting, bolstering the company’s position as it looks to fight off a proxy battle with rival activist Nelson Peltz.

Disney signed a confidentiality agreement allowing it to share company information with shareholder ValueAct Capital Management and consult with the firm on strategic matters. The entertainment giant said Wednesday that the arrangement allows the activist investment firm, which has been building up a stake in Disney, to consult the company through meetings with the board and management.