Pixar Shareholders Okay Takeover

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Shareholders of Pixar Animation Studios Inc. on Friday approved Walt Disney Co.’s takeover bid for $8.06 billion in stock.

The deal will Emeryville-based Pixar a wholly-owned subsidiary of burbank-based Disney. Pixar Chief Executive Steve Jobs will become Disney’s single largest shareholder, with a 7 percent stake in the company.


After the vote, Disney filed a registration statement for the stock it will use to finance the deal. Under the deal, Pixar shareholders will receive 2.3 shares of Disney stock for each of their Pixar shares.


Disney financed the 1995 Pixar release “Toy Story,” first computer-animated feature film. Other Pixar films distributed by Disney have been wildly successful, and include “Finding Nemo” and “The Incredibles.” The companies’ partnership agreement would have expired next month.


The Disney-Pixar relationship had foundered in recent years, due largely to a rocky relationship between Jobs and former Disney chief Michael Eisner. Things got back on track, though, when Robert Iger succeeded Eisner as Disney’s chief executive.

The Pixar acquisition is a clear move to bring Disney back to prominence in the animation world. Iger said early this year that his decision to buy Pixar came after a realization that Disney’s animation unit hadn’t come up with any big hit properties over the past 10 years.

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