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Post by greykitedad on Feb 4, 2006 0:04:02 GMT -5
That doesn't surprise me. I don't expect many no votes at all. I'll vote yes if I still have my shares ;-). And I believe the "yes" turnout will squash the class action suit.
I hope the repercussions ring as quickly throughout Disney. The street just might like a flurry of activity with Iger and Pixar setting new directions. I'll guess they'll pull out all the stops for "Cars", as it's the fastest way to say "see, we knew what we were doing".
Now, if the Chinese save our bacon on Monday, I might just hang in for a while.
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Post by tbstheman on Feb 4, 2006 13:01:25 GMT -5
grey
I too have sold Pixar shares when I felt that they were a bit over-valued AND it was wise to diversify some of my holdings.
In my defense, I have criticized Jobs in the past, and not found it necessary to sell some of my holdings. As a shareholder, I am entitled to my opinion and will vote accordingly. That's why there are proxies. As for Iger, dumble and I had a good exchange over on the Pixar board about him and Disney. I'll be listening to the Disney conference call to see if I can find something to like about the company.
And shareholders can occassionally make a difference. The "no confidence" vote (or lack thereof) against Eisner being the most memorable recently.
In my opinion, Pixar is more valuable as a seperate entity. It is more valuable to Disney as a seperate entity. A "NO" vote doesn't have to say "we have no confidence in Steve Jobs", it can simply say "we think there is a better way to consumate this deal". To be critical of a decision (no matter how key) does not have to represent no confidence. And, yes, Pixar's stock price probably would take a hit. Since I think they are more valuable alone, I would buy more stock. I would not be afraid of holding the stock on that day. Because - who would be selling? The institutions who voted against it? The insiders who voted against it? That would really just leave Jobs to sell, and he'd have to file first. The heavy insider and institutional holdings will protect the price somewhat.
I'm sure TCW has already had meetings with Jobs and Iger. It may already be a "done deal". But Pixar has announced interim plans in case the merger fails. So maybe not. I don't know, but I will vote NO. I have voted against a number of things in the Pixar proxies before. As is my right as a shareholder. And I am not alone. There have been analysts on both sides that have been critical of the deal.
So I guess we'll have to agree to disagree.
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