(Reuters) – Activist investor ValueAct Capital has taken a stake in Walt Disney, sources familiar with the matter said on Wednesday.
ValueAct built the position in recent months, the sources said, adding that the investment firm believes Disney’s theme parks and consumer products businesses alone are worth low $80s per share. The company’s stock price climbed 1.52% in pre market trading to hover at $92.45.
ValueAct is the second activist investor to arrive at Disney after Nelson Peltz’s Trian Fund Management last month signaled it would be pushing for multiple board seats after having abandoned a proxy fight earlier this year.
The new position was first reported by 13D Monitor.
(Reporting by Svea Herbst-Bayliss in New York and Arsheeya Bajwa in Bengaluru; Editing by Arun Koyyur)