Disney Restores Dividend, Tightens Proxy Rules Amid Peltz Fight

Walt Disney Co. restored its dividend and tightened the rules for nominations to its board, responding to the planned proxy fight announced earlier Thursday by billionaire activist Nelson Peltz.

Peltz’s Trian Fund Management LP, which beneficially holds about $3 billion of Disney stock, said in a statement Thursday that the entertainment giant had rejected its bid for board seats, forcing it to take the “case for change directly to shareholders.”

Trian’s statement, and Disney’s responses, set up a proxy fight for the company’s annual meeting next year. On Wednesday, Disney appointed two new directors, Morgan Stanley chief James ...