Jim Cramer said that Disney should approve Nelson Peltz's bid to join the company's board rather than engage in a proxy fight.
"It's the board, the stewards, who haven't done a good job. Not the shareholders, and not Peltz. Now someone like Peltz, who's been tremendously successful, wants to join them and they act like that's a problem," he said.
Trian Fund Management, Peltz's activist firm, filed a preliminary proxy statement on Thursday seeking to appoint the investor to Disney's board.He highlighted his issues with Disney, including its that he said ruined the company's balance sheet, the deterioration of the company's shareholder value in recent years and what he views as poor corporate governance.issues, and criticized Disney for opposing the activist investor's bid for a board seat.
He also reminded investors who own shares of the company that a proxy fight could put a dent in shareholder returns. "Lots of money, your money if you're a shareholder like my charitable trust, will be spent to stop Nelson Peltz from joining the board … even though he's not the guy who was involved with the disastrous Fox acquisition or the disastrous choice to make Bob Chapek the CEO," Cramer said.Jim Cramer's Guide to Investing
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