Activist Investors Question Disney Ties With Major Shareholder Ahead of Board Vote

• Activist investor Blackwells Capital sues Disney over its relationship with fellow shareholder ValueAct Capital, questioning if ValueAct was paid to support Disney

• Lawsuit requests Disney records to determine if there was wrongdoing related to ValueAct's backing of Disney board nominees and management

• Disney calls lawsuit "baseless" and denies ValueAct managed any Disney pension funds when it entered information-sharing agreement

• Shareholder vote on Disney's board nominations closes Tuesday night with results announced at Wednesday's shareholder meeting

• Proxy fight with activists Trian Fund Management and Blackwells Capital over Disney's board likely to be most consequential in 20 years