Investing.com – Activist investor Nelson Peltz sold his entire stake in Walt Disney Company (NYSE:), according to a CNBC report on Wednesday.
Peltz reportedly sold his shares to Disney for about $120 each, making the deal a profit of about $1 billion. The stock is currently trading at around $100.9 per share.
The move follows Peltz’s investment firm Trian Partners losing a proxy battle to Disney in early April. During the shareholders’ meeting, the company re-elected its full board of directors, despite Peltz’s efforts to secure seats for himself and Jay Rasulo, Disney’s former chief financial officer.
Peltz has been an outspoken critic of Disney’s management for some time. In October, he increased his stake in the company to about 30 million shares and stepped up his proxy campaign, particularly criticizing Disney’s streaming strategy and CEO Bob Iger’s failed succession plan.
Following the April shareholder vote, Trian issued a statement expressing pride in its role in Disney’s refocus on value creation and good governance.
Despite these developments, Disney shares are up about 11% this year, slightly outperforming .