09:00 AM EDT, 03/12/2024 (MT Newswires) -- Walt Disney ( DIS ) activist investor Blackwells Capital issued a letter to Disney shareholders on Monday accusing the entertainment giant of failing to disclose that ValueAct Capital Management had invested more than $350 million of Disney's ( DIS ) pension fund assets.

"ValueAct has been earning fees ranging from approximately $55 million to $95 million for the services provided to Disney's ( DIS ) pension fund since as early as 2013," Blackwells' Chief Investment Officer Jason Aintabi said in the letter where he asked shareholders to "disregard ValueAct's endorsement of the board" nominated by Disney.

The firm also reiterated that it has nominated Craig Hatkoff, Jessica Schell, and Leah Solivan for election to the company's board at an upcoming annual meeting.

Disney urged its shareholders Monday to keep the company's current board in response to recent attempts by Blackwells Capital, billionaire Nelson Peltz, and his Trian Fund to secure board seats for their respective nominees.

The company said its board "is already delivering on Disney's ( DIS ) potential" and posted a video on Monday to urge shareholders to "vote Disney."

In a Monday filing, Disney said Trian is also seeking to replace two of the company's current directors and has teamed up with former Disney employees Jay Rasulo and Isaac Perlmutter.

"Nelson Peltz, Isaac Perlmutter, and Jay Rasulo are not what Disney needs now," said the company. Disney also said it believes this group would be "a destabilizing distraction with questionable agenda" on its board.

Blackwells, Trian, Disney, and ValueAct did not immediately respond to MT Newswires' requests for comment.

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