The 13-F filing by Trian shows they hold 3.6 million shares as of 9/30/23. This represents 1.3% of Allstate shares outstanding, so a rather modest position at this time. Note they've also taken a 1.8% stake in Disney, using about 40% of their capital there to influence change. This will likely get interesting as TW will not welcome competent outside pressure. TW proactively mentioned that the sale of Group Health business was not influenced by any outside investors on the recent quarterly call. For many years he held on to the Life and Annuity business, despite Wall Street demands to exit the high capital, low return businesses. He finally caved, and stock reacted well at that time.
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Trian is going to be busy with the hostile takeover of Disney for a while.
None of this is good for the employees. We likely have not seen the worst of the layoffs yet. 2024 is going to be brutal.
The real question is what type of an alliance Trian is building with Blockrock and Vanguard. Combined they own approximately 20% of outstanding stock. That is a significant block of votes given that most shareholders have their stock in street name and don't actually vote for board members. Trian is the front/ team that will do the work. Change is coming and it is coming fast!