ValueAct Capital has reportedly taken a stake in Walt Disney Company, following in the footsteps of fellow activist Trian Management.
According to a CNBC report, ValueAct Capital began buying Disney stock this summer during the Hollywood strikes and it is now one of the investor’s largest positions.
DMI was unable to confirm the report as of publication. The fund did not own Disney shares as of September 30, according to just released quarterly 13F disclosures. The activist has not disclosed a position, indicating the holding remains less than 5% of Disney’s outstanding shares.
According to the report, ValueAct has been in dialogue with Disney’s management and believes that Disney’s theme parks and consumer products businesses are alone worth in the low $80s per share.
The news comes as Trian Fund Management founder Nelson Peltz is making a renewed push for multiple seats on Disney’s board after halting a proxy fight in February.
Disney stock was trading at $94.18 per share Wednesday afternoon in New York, up 3.4%.