(Bloomberg) — Walt Disney Co. is leading in its proxy fight against billionaire Nelson Peltz with more than half of the votes counted, the Wall Street Journal reported, citing people familiar with the matter.
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BlackRock Inc., Disney’s second-largest shareholder, is among the major investors backing management, the newspaper said. T. Rowe Price Group Inc., another major investor, also plans to support Disney.
There’s no guarantee Disney will stay ahead, the newspaper said. Investors are still casting votes and can change them.
The entertainment giant holds its annual meeting April 3. Peltz is seeking board seats for himself and Jay Rasulo, Disney’s former chief financial officer. Days ago, with about 20% of shares voted, Peltz was leading the race to replace director Maria Elena Lagomasino, but Rasulo was trailing, the Journal said.
Peltz’s Trian Fund Management LP has support from investors including Neuberger Berman, which voiced frustration over Disney’s handling of CEO succession, and the California Public Employees’ Retirement System, the nation’s largest pension fund, the Journal said.
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