1. Fate of Nelson Peltz’s proxy fight with Disney relies on institutional investors BlackRock, Vanguard, and State Street.
2. History shows that these investors previously voted against Peltz’s requests in proxy battles with DuPont and Procter & Gamble.
3. BlackRock intends to vote against Peltz in Disney’s shareholder meeting, while it is not yet known how State Street and Vanguard will vote. Other supporters of Peltz include T. Rowe Price, Neuberger Berman, and California Public Employees’ Retirement System.
Nelson Peltz is currently engaged in a proxy fight with Disney, aiming to secure two board seats. The outcome of this battle is heavily dependent on the decisions of three major investors – BlackRock, Vanguard, and State Street, who had previously voted against Peltz in his failed proxy fight with DuPont nearly 10 years ago. History suggests that these investors may not be in favor of Peltz.
In the past, Peltz’s firm, Trian Partners, lost proxy battles with DuPont and Procter & Gamble due to votes by Vanguard, BlackRock, and State Street. While BlackRock and State Street sided with Peltz in the Procter & Gamble battle, Vanguard did not. Peltz has been working hard to persuade Disney investors to support him, but reports suggest that BlackRock is planning to vote against him, potentially signaling a difficult road ahead for Peltz.
It remains unclear how State Street and Vanguard will vote, with Vanguard reportedly leaning towards supporting Disney. On Peltz’s side are investors such as T. Rowe Price, Neuberger Berman, and the California Public Employees’ Retirement System, while Disney has the backing of notable figures like George Lucas, Jamie Dimon, Laurene Powell Jobs, and Michael Eisner. The final decision will be made at the upcoming shareholder meeting, determining the fate of Peltz’s campaign for Disney board seats.