Prince McLeanApple Computer chief executive Steve Jobs was awarded shares of The Walt Disney Co. worth over $4 billion on May 5th, the day Disney's acquisition of Jobs' other company Pixar Animation Studios went into effect.
Mr. Jobs, who owned 50.6 percent of Pixar, agreed earlier this year to vote 40 percent of those shares in favor of the merger.
According to a filing with the Securities and Exchange commission, Mr. Jobs traded in 60 million shares of Pixar for 138 million shares Disney, making him the entertainment conglomerates largest shareholder with 6.3 percent of Disney's outstanding stock.
At market value on the day the merger went into effect, those shares were worth more than $4 billion.
During Apple's annual shareholders meeting last month, Mr. Jobs said the sale of Pixar to Disney would allow him to spend more time at Apple.
As part of the deal, Mr. Jobs was elected a seat on Disney's Board of Directors.
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20 Comments
Can someone that knows about this kind of thing explain this to me:
Mr. Jobs, who owned 50.6 percent of Pixar, agreed earlier this year to vote 40 percent of those shares in favor of the merger.
Well, he could have single-handedly decided it as majority shareholder, but elected not to. Instead, he said "Okay, if you can get another 10% voting yes, we'll do this. I'm 80% sure we should do this, so I'll vote 80% of my stock, resulting in 40%... but I won't be the only voice."
Well, he could have single-handedly decided it as majority shareholder, but elected not to. Instead, he said "Okay, if you can get another 10% voting yes, we'll do this. I'm 80% sure we should do this, so I'll vote 80% of my stock, resulting in 40%... but I won't be the only voice."
OK. That makes a lot of sense. Very cool of him. Wise too. Maybe Steve isn't the nutjob some folks make him out to be.
Thanks.
Or, y'know, it could have been the rest of the shareholders threatening a lawsuit against him if he pulled rank...
Or, y'know, it could have been the rest of the shareholders threatening a lawsuit against him if he pulled rank...
Is it your job to find the "cloud" around my "silver lining"?
( P.S. You could be right...though I suspect he wanted to be sure that some key internal shareholders were on board...and maybe so did Disney. )