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Disney Investor Blackwells Capital Sues The Company As Shareholder Vote Nears Close; Media Giant Calls Allegations “Baseless” And “Desperate”
Activist Disney investor Blackwells Capital has sued the company over what it calls a too-cozy relationship with shareholder ValueAct Capital.
In the lawsuit filed Thursday in Delaware Chancery Court (read it HERE), Blackwells lays out concerns about whether ValueAct has been paid to take a pro-Disney position in a brewing proxy fight with activists. In exchange, the company said it would “provide information to the investment firm and consult with ValueAct on strategic matters, including through meetings with the Disney Board and management.” The legal clash comes after Blackwells publicly backed Chairman and CEO Bob Iger and the company’s official slate of board nominees on the same day as the ValueAct agreement last January.
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