After the tumultuous proxy battle earlier this year, the former Disney executive has sold his entire stake in the company. The executive was a major activist in Nelson Peltz’s unsuccessful takeover of the media company's corporate board.
What’s Happening:
- Reuters reports that Isaac Perlmutter has sold all 25.6 million of his shares in The Walt Disney Company.
- After Nelson Peltz lost the April proxy battle, the former Disney executive began liquidating his shares between early April and mid-July for an average price of just under $115.
- Selling Marvel to Disney for more than $4 billion in 2009 made Perlmutter a major investor in the media giant.
- He was laid off by the company last year.
- The executive has voiced his lack of confidence in current management and expects share price and financial performance to decline.
- Perlmutter, who was one of Disney’s largest investors, intends to repurchase his stake if share prices drop to $65-$75.
- Neither Perlmutter or Disney have commented on the sale.
- This comes just two months after Peltz sold his entire stake in the company.
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