The most high-profile contest of the year came to a close this week, and we don’t mean that epic Iowa v. LSU women’s basketball game. On Wednesday at its annual general meeting, the Walt Disney Company announced that shareholders overwhelmingly voted to elect all 12 of the company’s director nominees and rejected Nelson Peltz’s slate of nominees (which included himself) in addition to Blackwells’ three nominees. 

On Thursday, CEO Bob Iger sat down with CNBC’s David Faber at Disney’s HQ for an extensive interview discussing Disney’s future, path to streaming profitability, succession planning and more. Reuters’ Svea Herbst-Bayliss attributed the Peltz loss to a fading of the cult of personality, suggesting that the “once popular practice of putting a hedge fund's well known principal on a slate to win board seats is no longer a surefire path to victory.”

Amid the recent activism headlines, Barclays revealed in its Q1 2024 Review of Shareholder Activism report that global activism declined by 19% YTD vs. the same period last year, with a larger percentage of first-time campaigners (29% vs. 16% multi-year average). The universal proxy continued to impact campaign outcomes as time-to-settlement decreased and activists turned surgical with director nominations: they demanded 30% fewer seats but won nearly 80% of seats demanded.

A quick reminder about the 10th Annual Spring Forum on M&A and the Boardroom on April 17th. Freshfields and the Berkeley Center for Law & Business will host dealmakers in San Francisco to discuss the latest on antitrust and M&A. 

Have a great weekend,

GPP Team

Bloomberg: Twilio Adds Activist Sachem Head to Board in Surprise Settlement

In the midst of activist pressure from Legion Partners and Anson Funds, a third activist, Sachem Head, surprisingly emerged in Twilio after the cloud communications company appointed one of its partners to the board, reports Crystal Tse. Read More

Bloomberg: Activist Investor Ancora Wins Two Board Seats at Elanco

The pet pharmaceutical company settled with the activist fund as the company is simultaneously engaged in an ongoing proxy battle with Norfolk Southern. Read More

CORPORATE GOVERNANCE

The Daily Show: Lina Khan -- FTC Chair on Amazon Antitrust Lawsuit & AI Oversight

Host Jon Stewart interviews Lina Khan in an extended late-night cable interview to discuss the FTC’s ongoing cases against Amazon and Apple as well as the future of A.I regulation. Watch Here

Reuters: Goldman Sachs Should Split CEO and Chairman Roles, Proxy Adviser ISS Says

Both roles are currently held by David Solomon, and ISS suggested that “shareholders would benefit from more independent oversight” after the company’s recent senior leadership departures. Read More

M&A

CNBC: Silver Lake to Take Entertainment Company Endeavor Private at $27.50 a Share

Silver Lake acquired the remaining outstanding shares of entertainment company Endeavor, taking the owner of the UFC and WWE private at an equity value of $13 billion. Read More

Reuters: SLB to Buy ChampionX for $8 billion in Growing Deal-Making in US Energy Sector

David Wethe reveals that after SLB, the world’s largest oilfield service provider, divested its North American fracking assets in 2020, the company now aims to strengthen its presence in the North American oil & gas production and recovery market through the acquisition of competitor ChampionX in a $7.8 billion, all-stock deal. Read More

IPOs

Fortune: Rubrik Becomes Latest Tech Darling to File for an IPO After Successful Offerings from Astera Labs and Reddit

Microsoft-backed cloud data and cybersecurity company Rubrik will begin trading on NYSE under the ticker RBRK today off the backs of successful initial offerings for Reddit and Astera in the last two weeks, writes Maria Soledad Davila Calero. Read More

ESG

Bloomberg: Fed Blocks Tough Global Climate-Risk Rules for Wall Street Banks

In the latest blow to ESG, U.S. officials thwarted efforts to make climate risk a focus of global financial protocols, after the European Central Bank advocated for lenders to disclose green commitments, highlights Alistair Marsh. Read More

FROM OUR DESK TO YOURS

GPP (finally!) snagged a reservation at Sailor, the Brooklyn hotspot opened late last year by chef April Bloomfield and restauranteur Gabe Stulman (Fairfax, Jeffrey’s Grocery). We were there for lunch, where one of the daily specials was the cheeseburger – normally only served during weekend brunch. It comes with some of the best fries on that side of the East River, and even at a steep $30, we’d say it’s a can’t miss. We also had the delicious gruyere and veggie quiche, which we paired with a glass of Glera and the “Improved New York Cocktail,” a house libation similar to a Sazerac with a springlike zip to welcome in the warm weather.

PEOPLE MOVES

• Maria Heeter will leave The Information to join the Financial Times as U.S. Deals and Activism Correspondent. Read More

• Sidley Austin has added former Paul Weiss PE and M&A Partner John Godfrey to the firm’s New York office. Read More

• Aon CFO Christina Davies plans to retire next year after over 16 years with the professional-services company. Read More

• April 12-13: Conference on AI, Ethics, and the Future of Corporate Governance, Rome
• April 17: The 2024 Berkeley Forum: M&A and The Boardroom, San Francisco
• May 5-8: Milken Institute Global Conference, Los Angeles