Disney (NYSE:DIS) stock traded higher in Monday’s premarket as investors reacted to reports revealing that activist shareholder Nelson Peltz has the backing of former Marvel owner Isaac Perlmutter.
It comes after Perlmutter, who ran Marvel prior to the $4 billion takeover in 2009 and retained a role at Marvel up until March this year, was let go by Mouse chief Bob Iger as part of a broader round of cuts.
Perlmutter’s equity in Disney is said to represent the majority of stock and voting rights under the control of Peltz’ Trian Fund Management as it seeks Disney board seats and influence.
According to media reports, Peltz and Perlmutter are friends and neighbors (with both living in Palm Beach, Florida) where they ‘frequently dine together with their wives’.
Disney is due to report fourth quarter and full year earnings on 8 November.
In New York, Disney shares were up 0.55% changing hands at $79.77.