Read the open letters Disney heirs wrote to shareholders, defending Bob Iger and slamming activist investors as 'villains'

• In a pair of open letters to shareholders, Disney's heirs put their weight behind CEO Bob Iger.
• The investor Nelson Peltz's Trian Fund Management is seeking seats on Disney's board.
• Trian Fund Management owns about $3 billion of Disney stock.

In a pair of letters to shareholders on Thursday, the grandchildren of Walt Disney and Roy O. Disney endorsed CEO Bob Iger and spoke out against "activist investors" such as Nelson Peltz.

"Disney stories are filled with heroes and villains. We know who the villains are in this story, and we know they cannot be entrusted with protecting this company's rich legacy or guiding its bright future," one letter said. The two letters were collectively signed by eight Disney heirs, including Abigail Disney.

The heirs said Iger and his management had been "faithful" to Disney's "magic," and the CEO had "grown this company in a modern world."

They also said their grandfathers would be very concerned about investors such as Peltz, who they said were attempting to take over the company only to break it apart.

Peltz's Trian Fund Management, which owns about $3 billion of Disney stock, has criticized Disney's leadership and is seeking seats on its board. In early February, Iger and Peltz threw jabs at each other following Disney's better-than-expected earnings report.

Trian Fund Management didn't immediately respond to a request for comment from Business Insider sent outside regular working hours.

Read the full letters here, which were first published in full by Variety:

From Roy O. Disney's grandchildren:

An Open Letter to Shareholders of The Walt Disney Company

As the grandchildren of Roy O. Disney, we grew up with a front row seat to the magic that fuels the remarkable company he and his brother Walt Disney built together. We spent our childhoods on the studio lot watching movies get made. We explored Disneyland with the creative geniuses behind the happiest place on earth. We saw the passion Walt and Roy had for creating life-long memories for children and families, and the infectious joy they got out of the work they did.

From Mickey and Minnie, to Snow White and Mary Poppins, Disney is not a company that makes widgets – it makes magic. And it takes a special group of leaders with a deep respect and understanding for this tradition to develop the kinds of incredible experiences – whether in a theme park, at a movie theatre, or in your own home – that touch people's hearts.

Bob Iger, his management team, and the Board of Directors are faithful to this magic. They understand that the longevity of The Walt Disney Company isn't only the result of smart business decisions; it is rooted in the strong emotional connection Disney continues to forge with generations of people from around the globe.

We may not agree about everything, but we know that our grandfather would be especially proud of what Disney means to the world today. We also know that, like us, he would be very concerned by the threat posed by self-anointed "activist investors" who are really wolves in sheep's clothing, just waiting to tear Disney apart if they can trick shareholders into opening the door for them.

What concerns us most about these hedge-fund-backed opportunists is that they have little to no knowledge of what Disney truly means to people like you. They haven't made any arguments for why they should be entrusted with the keys to the kingdom our family built. To the contrary, their "I alone can fix it" mentality makes clear that they are not interested in preserving the Disney magic, but stripping it to the bone to make a quick profit for themselves.

We're old enough to remember the bitter episode four decades ago when another corporate raider, Saul Steinberg — who, as it so happens, was good friends with one of the current activists, Nelson Peltz — launched a hostile takeover attempt of Disney and threatened to break apart the company. He was defeated, much as these activists must be defeated today.

This is not a company of interchangeable parts. It is home to thousands and thousands of dedicated employees who share the same passion Walt and Roy had for bringing hope and happiness to people through the magic of storytelling. Disney is lucky to be led by people who are looking to the future while drawing guidance from our cherished past. As The Walt Disney Company charts its path forward, it is imperative that the strategy Bob Iger, his management team, and the Board of Directors have implemented is not disrupted by those motivated by nothing more than their own self-interest.

Disney stories are filled with heroes and villains. We know who the villains are in this story, and we know they cannot be entrusted with protecting this company's rich legacy or guiding its bright future.

Sincerely,

Roy P. Disney
Susan Disney Lord
Abigail E. Disney
Tim Disney

From Walt Disney's grandchildren:

To the Shareholders of The Walt Disney Company,

As the family of Walt Disney, we support The Walt Disney Company management and its Board of Directors, and oppose the nominations put forth by Nelson Peltz.

The integrity in the name of Walt Disney has always been a priority to our family. Our mother — Diane Disney Miller, Walt's eldest daughter — created The Walt Disney Family Museum to ensure that the history of her father's life and those involved in the creation of his dreams would be honored and remembered. We still believe in this brand of integrity and storytelling.

Bob Iger has grown this company in a modern world, and he continues to maintain a balance of creativity and profit. It is still a company based on the desire to entertain and explore. There have been challenging times, but this current management has adjusted and grown through those challenges.

We are never without gratitude and pride for our grandfather and being a part of this family, and we will always cherish the memories and the life that we had with him. With this gratitude, it matters to us what the company does and how Walt Disney is represented.

As such, we support Bob Iger and The Walt Disney Company Board.

Sincerely,

Walter Elias Disney Miller
Tamara Diane Miller
Jennifer Miller-Goff
Joanna Sharon Miller