Disney reaches agreement with ValueAct, secures its support for company's board nominees

Disney has reached a confidentiality agreement with activist investor ValueAct Capital Management, garnering its support for the company’s board nominees as it continues to deal with a proxy battle with Nelson Peltz

Disney has reached a confidentiality agreement with activist investor ValueAct Capital Management, garnering its support for the company's board nominees as it continues to deal with a proxy battle with Nelson Peltz.

The Walt Disney Co. said Wednesday that the agreement with ValueAct will allow the company to provide information to ValueAct and consult with it on strategic matters, including through meetings with its board and management.

“ValueAct Capital has a track record of collaboration and cooperation with the companies it invests in, and its Co-CEO Mason Morfit has been very constructive in the conversations we’ve had over the past year. We welcome their input as long-term shareholders,” Disney CEO Bob Iger said in a statement.

Last month Nelson Peltz’s investment management firm Trian Fund Management said that it was planning to nominate the activist investor and a former chief financial officer of Disney for seats on the media and entertainment company’s board.

Along with Peltz, Trian is planning to nominate James Rasulo, who served as Disney’s CFO from 2010 to 2015. Prior to serving as CFO, Rasulo was chairman of Walt Disney Parks and Resorts Worldwide from 2005 to 2009 and was president of Walt Disney Parks and Resorts from 2002 to 2005.