Disney has attracted the interest of another activist investor that believes the company is undervalued, with ValueAct Capital accumulating a stake in the entertainment giant’s stock and initiating dialogue with its board. 

ValueAct, an activist fund based in San Francisco with investments in information technology, energy, financials and media, has taken a “sizable” but so far undisclosed stake in Disney that makes it one of the fund’s biggest holdings, according to people familiar with the matter.