☕️ Fairytale Vote

Disney defeats activist Nelson Peltz in bruising boardroom fight.

Good morning.

Disney’s Bob Iger has emerged victorious from a bitter proxy fight that has dogged the entertainment giant for months.

A shareholder vote held overnight saw Disney’s “full slate of 12 directors” elected by a “substantial margin” over the nominees put forward by Trian Partners and Blackwell Capital. Nelson Peltz’ hedge fund Trian has been waging a vitriolic activist campaign for seats on Disney’s board, including one for Peltz himself, and has hurled criticisms at everything from Disney’s sagging stock price to its “woke” film strategy. Iger was re-elected with 94% support.

ASX as at market close. Commodities and crypto in USD.

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Market movers

Shares in WiseTech fell over 5% during trading on Wednesday to close at $90.20, after the freight software provider announced the departure of Teresa Engelhard from its board. Engelhard joined Sydney-based WiseTech as a director over six years ago, after board roles at Origin Energy, Planet Innovation, and Redbubble. The company previously announced a "board evolution" process, which saw Lisa Brock and Fiona Pak-Poy join the board on 1 February, and Richard Dammery replace Andrew Harrison as chair on 1 April.

The quick sync

  • The Chinese owner of Qenos will sell the Australian plastics maker to property developers, increasing concerns that the chemical major is on track to shutter local operations, risking hundreds of jobs. (The Australian)

  • Australia’s federal Treasury department has notified local crypto participants that its long awaited rules to govern digital assets will be delayed. (Capital Brief)

  • Lendlease shareholder Tanarra Capital’s founder, John Wylie, has urged the property giant to address its “arrogant” culture and offload its entire international business. (AFR)

  • The number of women on ASX 300 company boards fell to 32% in 2023. (Capital Brief)

  • US Federal Reserve chair, Jerome Powell, said that the central bank’s job of bringing down inflation is “not yet done” and that the Fed needs “greater confidence” that price pressures are easing before cutting rates. (Bloomberg)

  • UBS, BofA and Barrenjoey top M&A league table in Q1, as a deal dearth in Australia shows a 37% slump on volumes compared to Q1 2023. (AFR)

M&A

  • Goldman Sachs is reportedly leading the race to secure a mandate to sell CyberCX. (The Australian)

  • Fort Restructuring has been appointed as administrator to Adelaide's LVX Global. (AFR)

  • Singtel says there are currently no imminent plans to sell Optus, following a decline in its share price. (Capital Brief)

  • Potential buyers are intensifying efforts for a stake in the Blackwater mine. (AFR)

  • Questas Group has sold its Water Dynamics unit to water monitoring company Envirada. (The Australian)

  • Marquee Retail Group (MRG) has entered voluntary administration. (BNA)

  • The NatWest Pension Fund stake in the NSW Land Registry Services business is reportedly being acquired by the current owners. (The Australian)

Capital Markets

  • NextDC's share price has surged 58% in the past year, reaching a value of $8.65b. (The Australian)

  • National Group is reportedly exploring a potential US dollar high-yield bond issue. (AFR)

VC

  • CSIRO allocates $20m to boost R&D opportunities for 750 startups and SMEs. (Startup Daily)

People moves

  • Blackstone alum Harsh Narang will join Hillhouse Capital as it expands its presence in Australia. (AFR)

  • AWAG is set to appoint industry veteran David Slack to its board. (AFR)

  • Samantha Mostyn steps down as Aware Super chair following appointment as Australia's next governor-general. (Capital Brief)

☝️ Know about a deal or people move we don’t? Hit reply.

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