(Reuters) -Two activist hedge funds, ValueAct Capital and Blackwells Capital, moved on Wednesday to provide backing to Walt Disney Co as it defends itself against a board challenge from a third activist investor, Trian Fund Management. The unusual twist in the battle for Disney's board underscores the high stakes in the company's attempted turnaround under CEO Bob Iger. Disney said on Wednesday it reached a deal with ValueAct to advise it on strategy and support its director nominees at its annual shareholder meeting.
ValueAct Capital has built a large stake in Walt Disney and sees room for the media and entertainment giant’s stock price to roughly double, people familiar…
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