Disney Board approves $7B Pixar offer
The Walt Disney Company is planning to announce as early as Tuesday the acquisition of Pixar Animation Studios in a stock transaction valued at about $7 billion, people briefed on the negotiations told the New York Times on Monday.
"Disney's negotiators were then expected to approach their counterparts at Pixar to reach a price, and Pixar's board could vote on the deal soon after that," said the Times. However, all of the people briefed on the negotiations cautioned that the deal could fall apart at any time. "This is tricky," one said. "All of the things have to be just right."
If the deal goes through, Pixar's chief creative officer and a former animator at Disney, John Lasseter, is expected to oversee the animation unit that would become part of Disney's filmed animation division. Jobs, meanwhile, would be given a seat on Disney's board.
It's also possible the deal would make Jobs the largest share holder of Disney stock.
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In other words Steve would be taking over Disney rather than Disney taking over Pixar.
According to the report, Disney's board voted to give chief executive, Robert A. Iger, the authority to offer Apple and Pixar chief, Steven Jobs, about $59 a share for the company, these people said. The price would be at a slight premium over Monday's closing of $58.27 a share, which gave Pixar a market value of about $6.93 billion.
As someone said in a different thread, this would be a pretty crap deal for Pixar's shareholders. Wouldn't a bid such as this normally offer somewhat more than the company's share price? I suppose jobs is the 51% owner of pixar though, so whatever he says goes? So he may think that the meagre offer in monetary terms is worth it considering he would get a seat on Disney's board?
Who's the leader of the club that's made for you and me?
S-T-E-V-E J-O-B-S!
As someone said in a different thread, this would be a pretty crap deal for Pixar's shareholders. Wouldn't a bid such as this normally offer somewhat more than the company's share price? I suppose jobs is the 51% owner of pixar though, so whatever he says goes? So he may think that the meagre offer in monetary terms is worth it considering he would get a seat on Disney's board?
I think Jobs would have around 14%-15% of total shares hence making him the single largest share holder in the merger (taking over) of Pixar and Disney.
I think Jobs would have around 14%-15% of total shares hence making him the single largest share holder in the merger (taking over) of Pixar and Disney.
Combined market cap would be 57 Billion, with steve owning 3.5 billion worth (about 6.1%).