Activist investor Peltz liquidates Disney stake after proxy battle defeat

Investing.com - Activist investor Nelson Peltz has offloaded his entire stake in Walt Disney Company (NYSE:DIS), according to a CNBC report on Wednesday.

Peltz reportedly sold his Disney shares at approximately $120 each, resulting in earnings of about $1 billion from the transaction. The stock is presently trading at around $100.9 per share.

This move comes on the heels of Peltz's investment firm, Trian Partners, losing a proxy battle at Disney in early April. During the shareholders' meeting, the company re-elected its full board of directors, despite Peltz's attempts to secure seats for himself and Jay Rasulo, Disney's former Chief Financial Officer.

Peltz has been a vocal critic of Disney's governance for some time. In October, he increased his stake in the company to around 30 million shares and reinvigorated his proxy campaign, specifically criticizing Disney's streaming strategy and the unsuccessful succession plan for CEO Bob Iger.

Following the April shareholder vote, Trian issued a statement expressing pride in its role in refocusing Disney on value creation and good governance.

Despite these developments, Disney shares have seen an increase of about 11% this year, slightly outperforming the S&P 500.

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