Activist Investor Accuses Euro Disney of Magic in Accounting
Wall Street Journal
by Laurence Fletcher
Guy Wyser-Pratte says Euro Disney's €565 million impairment charge is aimed at allowing Walt Disney Co. to gain full control of company
An activist investor in struggling resort Euro Disney says a charge the company took following the Paris terror attacks amounts to an “accounting trick.”
In a letter to the company, seen by The Wall Street Journal, Guy Wyser-Pratte, a veteran activist who heads U.S.-based Wyser-Pratte Management Co., says a €565 million impairment charge reported by Euro Disney this month is aimed at bringing down Euro Disney’s share price and allowing majority owner Walt Disney to gain full control of the firm.
“We consider the allegations in the open letter of Wyser-Pratte to be false and unfounded,” said a spokesman for Euro Disney.
Walt Disney didn’t respond to requests for comment.