Eisner released an exclusive statement to DealBook:
In 1983, Disney was attacked by corporate raiders attempting to take over the company. This would mean the end of the Disney Company as we realize it, as the sale of the studio, theme parks and hotels has been suggested. The board approached me and Frank Wells and a special story was written and continued by Bob Iger and his management team.
Today we’re coping with an identical situation, so let’s remember the lessons from 40 years ago. Hiring someone with no company or industry experience to disrupt Bob and his eventual successor is playing not only with fire, but in addition with earthquakes and hurricanes. The company is now in great hands and Disney shareholders should vote for Disney.
Others, like the proxy advisory firm Glass Lewis and Disney’s major individual shareholder, director George Lucas (each of whom supported Disney and its current boss Bob Iger), spoke out:
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The work of Laurene Powell, a distinguished Disney shareholder who supported Iger: “He is a once-in-a-generation leader with an ambitious vision for the future, and we, as shareholders, are happy to have him leading this valued company at such a pivotal time in its history.”
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Institutional shareholder service, the second influential proxy advisor who beneficial that shareholders put Peltz on the board. Peltz, as a significant shareholder, “can contribute to the succession process, providing other investors with confidence that management will be properly engaged this time. It could also help evaluate future capital allocation decisions.”
ISS beneficial refraining from voting for incumbent board member Maria Elena Lagomasino, citing “long-standing concerns” about her role on the compensation committee. (Interestingly, the company didn’t recommend that shareholders vote so as to add Jay Rasulo, former Disney CFO, whom Peltz also nominated as a director candidate).
Regulators are rethinking big bank transactions
Just over a yr ago, a regional banking crisis triggered a wave of consolidation. Now regulators want to step up scrutiny of huge bank takeovers, which could hurt the odds for deals like Capital One’s $35 billion offer for Discover Financial.
The FDIC is proposing the first change to foreclosure rules since the 2008 financial crisis. Under latest framesthat may apply to transactions making a bank with greater than $100 billion in assets, regulators would have to think about the impact of the transaction on public interest considerations, including financial stability, communities and competition.
This would mean a giant change. Bank merger reviews have traditionally focused on deposits and branches. But Jonathan Kanter, the Justice Department’s antitrust chief, said Thursday that lenders now offer so many various services that a more expansive approach is required to have in mind the deals’ actual impact on competition. (T Office of the Trade Controllery also pushes for regulations to forestall big banks from buying competitors.)
