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May 05, 2006
Pixar Takeover a Done Deal
Shareholders of Pixar Animation Studios Inc. Friday voted to approve the company's acquisition by The Walt Disney Co. for $7.4 billion in stock. The vote makes Pixar a wholly owned subsidiary of Disney and makes former Pixar Chief Executive Steve Jobs Disney's single largest shareholder with about a 7 percent stake. Jobs was named to Disney's board as a non-independent member. He had already said he would cast his Pixar shares, which represents 40 percent of the company's outstanding stock, in favor of the merger. Shareholders met briefly in San Francisco to ratify the deal. Under the plan, Pixar shareholders will exchange each of their shares for 2.3 shares of Disney stock.
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Shareholders of Pixar Animation Studios Inc. Friday voted to approve the company's acquisition by The Walt Disney Co. for $7.4 billion in stock. The vote makes Pixar a wholly owned subsidiary of Disney and makes former Pixar Chief Executive Steve Jobs Disney's single largest shareholder with about a 7 percent stake. Jobs was named to Disney's board as a non-independent member. He had already said he would cast his Pixar shares, which represents 40 percent of the company's outstanding stock, in favor of the merger. Shareholders met briefly in San Francisco to ratify the deal. Under the plan, Pixar shareholders will exchange each of their shares for 2.3 shares of Disney stock.
Posted By: Figment! @ 9:17 PM | 
