The Disney proxy fight pits Trian Partners’ Nelson Peltz against the board and CEO Bob Iger.
Vanguard, State Street and BlackRock are the largest investors at Disney, making them key votes to court as Wednesday's shareholder meeting nears.
Vanguard is the largest holder with 8% of outstanding Disney shares. It can punch above its weight in deciding whether to elect the dissidents to Disney's board. That's because, like in a political election, not every eligible voter will vote during Disney's shareholder meeting. Disney has hired Innisfree M&A for their solicitation. Trian is splitting the load between Okapi Partners and D.F. King.Retail investors have seen advertisements or received mailers or phone calls urging them to vote for either Disney, the white proxy card, or Trian, the blue proxy card. More than half of the vote in the fight has already been counted as of Monday, according to The Wall Street Journal.
It would be a major vote of confidence in Iger's stewardship of Disney if he were to win the backing of undecided Vanguard or State Street.
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