T.Rowe Price backs Disney directors in boardroom challenge with hedge funds

NEW YORK (Reuters) – Mutual fund firm T. Rowe Price, which owned roughly 9.3 million shares in Walt Disney, 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 told Reuters on Monday it voted for Maria Elena Lagomasino and Michael Froman, “the two incumbent directors whose board positions are being challenged.”

“T. Rowe Price is comfortable that management has a viable plan to address the important matters facing the company,” a spokesman for the mutual fund firm said.

(Reporting by Svea Herbst-Bayliss; Editing by Chris Reese)


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