Tuesday, January 24, 2006

Reports: Disney close to Pixar deal | CNET News.com

Walt Disney Co.'s board of directors has given its approval to make an offer to buy Pixar Animation Studios, the independent studio responsible for hits such as "Toy Story" and "The Incredibles," according to published reports.

After day-long meetings on Monday, the entertainment giant's board gave Chief Executive Robert Iger the right to offer Pixar close to $7 billion in stock for an acquisition deal, the New York Times reported, citing "people briefed on the negotiations." The Wall Street Journal offered a similar account, saying the purchase price would offer a "small premium" for Pixar's shares. The company's stock closed Monday at $58.27, giving the company a market value of $6.93 billion.

The deal must still be approved by the Pixar board, and several critical details that could prevent its completion remained outstanding, several reports warned. more...

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