Activist investor Nelson Peltz has bought his whole stake in Disney, an individual aware of the matter tells CNBC.
Peltz bought 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 misplaced a proxy battle at Disney in early April as shareholders reelected the corporate’s full slate of board nominees. Peltz had been in search of to elect himself and former Disney finance chief Jay Rasulo to the corporate’s board.
Peltz had lengthy taken concern with Disney governance. In October, CNBC reported he upped his stake within the firm to about 30 million shares and had reignited his proxy marketing campaign, taking specific intention at Disney’s streaming technique and a failed succession plan for CEO Bob Iger.
“We are proud of the impact we have had in refocusing this Company on value creation and good governance,” Trian stated in an announcement 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.
