As activist investor Nelson Peltz pushes the Walt Disney Company for multiple board seats, former Marvel Entertainment chairman Ike Perlmutter has granted Trian Fund Management sole voting power over his shares in the entertainment giant, a person familiar with the matter told TheWrap.
Peltz’s investment firm has amassed an estimated $2.5 billion stake in the company, which contains shares from both Trian’s funds and outside investors, with Perlmutter’s shares representing the majority under the investment firm’s control.
The support from Perlmutter gives Peltz nearly four times as many shares to vote than he and the investment firm had during its last push for a board seat.