Friday, December 8, 2023
Longacre Square Partners handles Ancora Holdings, an investor in Walt Disney Co., as it urges fellow shareholders to urge the board to compromise with Nelson Peltz’s Trian Fund Management.
Peltz wants to shake up Disney’s board by adding shareholder or investor-designated representatives to it.
In its “Fellow Shareholders” letter, Ancora says a board revamp is necessary “following an extended period of absentminded governance, ineffective succession planning, polarizing actions and sustained value destruction.”
Disney shareholders “have incurred meaningful losses and the company has dramatically underperformed the S&P Media & Entertainment Index over various periods.”
Ancora also attacked what it called a “self-serving publicity stunt” from Blackwells Capital, which has expressed concern that “Trian’s campaign prioritizes Mr. Peltz’s ego over what is best for all Disney shareholders.”
Longacre Square Partners’ Charlotte Kiaie and Olivia McCann handle Ancora, while Blackwells Capital uses Gagnier Communications’ Dan Gagnier.