T. Rowe Price backs Disney directors in boardroom challenge with hedge funds
© Reuters. FILE PHOTO: The logo of T. Rowe Price Group is pictured at its office in Tokyo, Japan, January 13, 2017. REUTERS/Toru Hanai/File Photo), said it has voted for the entertainment giant's directors, dealing a blow to activist hedge funds Trian Fund Management and Blackwells Capital as they seek board seats.
"T. Rowe Price is comfortable that management has a viable plan to address the important matters facing the company," a spokesperson for the mutual fund firm said. With more than half of votes cast, Disney has pulled ahead in its fight against Trian, the report added.Shareholders have until Wednesday to cast their votes in one of the year's most closely watched corporate battles, pitting an iconic American company against two hedge funds that want it to make changes ranging from splitting off the real estate business to cleaning up succession planning.
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