Word: disneyized
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...Disney buys out a threatening investor for $325 million...
...watching your mother getting ravaged by New York thugs," said Greg Kieselmann, co-manager of institutional research at Morgan, Olmstead, Kennedy & Gardner, a Los Angeles brokerage firm. That rather vivid imagery was typical of the investment world's reaction last week after Financier Saul P. Steinberg zapped Walt Disney Productions with a market ploy that made him $32 million richer but may have left Disney much weaker. Steinberg, 44, had just pulled off the latest example of a spreading tactic called greenmail, Wall Street's version of blackmail...
Steinberg became attracted to Disney early this year because of its great cash potential and low stock price, and on March 12 he began buying Disney stock at $50 a share. In late April he notified the Federal Trade Commission and the Justice Department that he intended to acquire as much as 25% of Disney's shares. A week later, Steinberg owned 12.2% of all Disney shares...
...Disney Chairman Raymond Watson, 57, and President Ronald Miller, 51, then established their first line of defense. The strategy was to buy up other companies in order to diminish Steinberg's share of Disney. On May 17, Disney agreed to buy Arvida, a Florida-based land-development firm, in exchange for 3.3 million shares, nearly 10%, of its stock. Steinberg sued to stop the deal, but a U.S. district court in Los Angeles ruled in favor of Disney. Then Disney announced plans to buy Gibson Greetings, a Cincinnati-based producer of cards and wrapping paper...
Steinberg had sued to block the deal, saying that Disney paid too much for Arvida in an at tempt to stop a takeover. If the sale occurs, about 25% of Disney stock will be in the hands of shareholders friendly to management, hurting Steinberg's plan to gain control...