Star Wars mastermind George Lucas — Disney’s largest particular person shareholder — has come out with an announcement supporting Disney’s board and CEO Bob Iger, urging Mouse Home buyers to reject bids by two activist investor teams to take seats on the media firm’s board.
“Creating magic shouldn’t be for amateurs,” Lucas mentioned in an announcement launched Tuesday. “Once I bought Lucasfilm simply over a decade in the past, I used to be delighted to develop into a Disney shareholder due to my longtime admiration for its iconic model and Bob Iger’s management.”
Lucas continued, “When Bob not too long ago returned to the corporate throughout a tough time, I used to be relieved. Nobody is aware of Disney higher. I stay a major shareholder as a result of I’ve full religion and confidence within the energy of Disney and Bob’s observe report of driving long-term worth. I’ve voted all of my shares for Disney’s 12 administrators and urge different shareholders to do the identical.”
Beneath Iger, Disney acquired Lucasfilm in 2012 for $4 billion, a deal below which Lucas obtained 37.1 million Disney shares. Lucas, who had based the corporate in 1971, has an estimated internet value of $7.9 billion, per the Bloomberg Billionaires Index. He’s Disney’s largest particular person shareholder, based on sources acquainted with the corporate.
At Disney’s 2024 annual shareholders assembly, to be held nearly April 3, buyers will vote on rival board candidate slates — Disney’s personal 12-member lineup, Nelson Peltz’s Trian Companions two nominees (Peltz and ex-Disney CFO Jay Rasulo) or three from funding agency Blackwells Capital. Peltz, for one, has argued that Disney’s inventory has underperformed the market and that the corporate must undertake and execute extra pressing methods to drive sustained and worthwhile progress.
Lucas’s remark that “creating magic shouldn’t be for amateurs” could also be a reference to Disney’s level that Peltz has admitted that he has no media expertise. The filmmaker’s assertion comes as Disney has gained different supporters within the board battle. On Monday, impartial proxy voting advisory agency Glass Lewis issued a report recommending Disney shareholders vote for the Disney’s 12 director nominees.
Final month, grandchildren of Walt Disney and his brother Roy O. Disney issued open letters criticizing the activist buyers’ campaigns threatening to shake up the Disney board and threw their help behind Iger and the present board.
Disney has beforehand mentioned it opposes the candidates nominated by Trian and Blackwells as missing “the suitable vary of expertise, ability, perspective and/or experience” and urged shareholders to vote for its personal 12 nominees.
Disney final week launched its strongest rebuttal to Peltz thus far, in a video that referred to as the proxy battle being waged by Trian “disruptive and damaging” and mentioned Peltz’s “quest additionally appears extra about vainness than a perception in Disney. Why else would he promote 500,000 Disney shares over the previous six months in the midst of his proxy battle?” Trian Companions controls some $3.5 billion value of Disney inventory, 79% of which is owned by ex-Marvel Leisure chairman Ike Perlmutter, whom Disney has accused of harboring a long-standing private grudge in opposition to Iger.