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Disney-Peltz Showdown Is a Throwback to Corporate Raider Era

  • Disney is expected to file preliminary proxy next week
  • Trian’s Peltz says Disney is in crisis, lacks cost discipline
Nelson Peltz
Nelson PeltzPhotographer: Calla Kessler/Bloomberg
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As renowned activist investor Nelson Peltz prepares for a major public showdown with Walt Disney Co., he’s taking cues from an old playbook, created in the heyday of corporate raiders.

Peltz, who has said Disney is in crisis, stuffed with overpaid executives who in turn have overpaid for other companies, filed paperwork on Thursday to begin a proxy fight for a board seat. Disney is asking shareholders to reject the proposal and plans to file its own preliminary proxy statement next week, after failing to privately persuade Peltz and his firm, Trian Partners LP, to back down.