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China's Bold New Economic Strategy Unveiled: Is the World Prepared?
#ChinaEconomy #EconomicStrategy #GlobalImpact #RenewableEnergy #FutureMobility
https://zooppresss.blogspot.com/2024/04/blog-post_5838.html
An investment firm injected approximately $800 million into Disney in 2022, acquiring a significant stake when the share price was around $88 each, not far from its recent low, which closed at $118.98 on Wednesday.
Trian initiated its first proxy battle but withdrew early last year, selling about a third of its stake and locking in around $60 million in profit.
This time, Trian, through a partnership with Ike Perlmutter, the former Marvel Entertainment chairman and one of Disney’s largest shareholders, gained control over the voting rights of his Disney shares.
This agreement entitles Trian to around 10% of the gain on Perlmutter’s shares, a detail not previously disclosed. Perlmutter acquired his significant stake when he sold Marvel to Disney for $4 billion in 2009.
The value of the stake has since increased by about $850 million, adding another $85 million or so to Trian’s profits.
After accounting for the expected $25 million campaign expenses, Trian's profit to date stands at approximately $300 million.
This translates to a roughly 40% return on investment over the period Trian has held the shares, roughly equal to the S&P 500’s return over the same duration. While not substantial compared to its $10 billion in assets under management, which includes over $2 billion in Perlmutter’s Disney shares, the Disney investment has significantly boosted returns at Trian after years of underperformance in its primary fund.
Trian had sought two seats on Disney’s board, arguing for quicker reinvention and succession planning for Chief Executive Bob Iger.
Speaking at Disney’s annual meeting, Peltz, noting the stock's strong performance following Disney's initiatives post-Trian's involvement, expressed hope that shareholders would not be disappointed as they were the previous year.
Robbie Whelan and Lauren Thomas contributed to this article.