Disney Amends Bylaws Amid Proxy Battle with Activist Investor Nelson Peltz

Company announces first dividend payments in three years as shareholder Blackwells Capital voices support for Disney's leadership.

Disney's board has amended its bylaws to enhance the procedural mechanics and disclosure requirements relating to business proposals and director nominations made by stockholders.
Activist investor Nelson Peltz, whose Trian Fund Management controls about $3 billion in Disney stock, has been denied board seats and vows to continue his proxy war against Disney.
Disney has announced its first dividend payments to investors in more than three years, a move seen as a bid to win shareholder favor amid the brewing proxy battle.
Investment management company Blackwells Capital, a Disney shareholder since 2018, has issued a statement of support for Disney's leadership and the board appointments of James Gorman and Jeremy Darroch.
Disney's new bylaws require that any person soliciting proxies in support of a director nominee other than the board's nominees provide a representation that they will comply with Rule 14a-19 under the Securities Exchange Act of 1934.