Eisner gave DealBook an unique assertion:
In 1983, Disney was beneath assault by company raiders making an attempt to take over the corporate. That will have ended the Disney Firm as we all know it, for the studio, theme parks, and inns had been prompt to be offered off. The board turned to me and Frank Wells, and a unique story was written, one which was continued by Bob Iger and his government staff.
In the present day, an identical state of affairs exists, so let’s keep in mind the teachings from 40 years in the past. Bringing in somebody who doesn’t have expertise within the firm or the trade to disrupt Bob and his eventual successor is enjoying not solely with hearth however earthquakes and hurricanes as nicely. The corporate is now in glorious arms and Disney shareholders ought to vote for the Disney slate.
Others have weighed in, following the proxy advisory agency Glass Lewis and Disney’s prime particular person shareholder, the filmmaker George Lucas (each backed Disney and its present chief, Bob Iger):
Laurene Powell Jobs, a distinguished Disney shareholder, who backed Iger: “He’s a once-in-a-generation chief with an bold imaginative and prescient for the longer term, and we as shareholders are lucky to have him guiding this cherished firm at such a vital second in its historical past.”
Institutional Shareholder Companies, the opposite influential proxy adviser, which really helpful that shareholders vote Peltz onto the board. Peltz, as a serious shareholder, “might be additive to the succession course of, offering assurance to different buyers that the board is correctly engaged this time round. He may additionally assist consider future capital allocation selections.”
I.S.S. suggested withholding votes for an incumbent board member, Maria Elena Lagomasino, citing “multi-year issues” about her position on the compensation committee. (Curiously, the agency didn’t advocate that shareholders vote so as to add Jay Rasulo, the previous Disney C.F.O. whom Peltz has additionally nominated as a director candidate.)
Regulators rethink massive financial institution offers
The regional banking disaster spurred a wave of consolidation simply over a yr in the past. Now, regulators need to enhance the scrutiny of huge financial institution acquisitions — which may worsen the chances for offers like Capital One’s $35 billion bid for Uncover Monetary.
The F.D.I.C. is proposing the primary overhaul of takeover guidelines for the reason that 2008 monetary disaster. Underneath the brand new framework, which might apply to offers that create a financial institution with greater than $100 billion in property, regulators would want to think about the transaction’s results on public curiosity grounds, together with monetary stability, communities and competitors.
That will symbolize an enormous shift. Financial institution merger evaluations historically centered on deposits and branches. However Jonathan Kanter, the Justice Division’s antitrust chief, mentioned on Thursday that lenders now supply so many alternative companies {that a} extra expansive method was wanted to take note of how a deal would really have an effect on competitors. (The Workplace of the Comptroller of the Forex can be pushing for guidelines to stop massive banks from shopping for rivals.)
