Activist investor Nelson Peltz has offered his complete stake in Disney, an individual aware of the matter tells CNBC.
Peltz offered all of his Disney inventory at roughly $120 a share, the individual stated, making about $1 billion on the place. The inventory presently trades for about $100 per share.
The exit comes weeks after Peltz’s Trian Companions lost a proxy battle at Disney in early April as shareholders reelected the corporate’s full slate of board nominees. Peltz had been searching for to elect himself and former Disney finance chief Jay Rasulo to the corporate’s board.
Peltz had lengthy taken situation with Disney governance. In October, CNBC reported he upped his stake in the company to about 30 million shares and had reignited his proxy marketing campaign, taking specific purpose at Disney’s streaming technique and a failed succession plan for CEO Bob Iger.
“We’re happy with the influence we’ve got had in refocusing this Firm on worth creation and good governance,” Trian stated in a press release following the April shareholder vote.
Shares of Disney are up about 11% up to now this yr, barely edging out the S&P 500.
Disney did not instantly return a request for remark.
