BUFFETT PUTS MONEY WHERE HIS MOUSE IS.Byline: Russ Britt Daily News Staff Writer Investor Warren Buffett Warren Buffett Known as "the Oracle of Omaha," Buffett is Chairman of Berkshire Hathaway and arguably the greatest investor of all time. His wealth fluctuates with the performance of the market, but for the last few years he has been reported to be worth over $30 billion, making wants to convert all his $2.5 billion in Capital Cities/ABC holdings to Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co. stock, but the world's richest man will have to settle for a mix of cash and shares instead. That's because the vast majority of the 9,600 Capital Cities shareholders have voted to convert their shares into Disney stock following the companies' merger, officials said Thursday. The deadline for picking stock or cash was Thursday afternoon. Investors are snapping up all the 154.6 million shares of Disney stock that will be issued, forcing the company to divvy up Verb 1. divvy up - give out as one's portion or share portion out, apportion, share, deal hand out, pass out, give out, distribute - give to several people; "The teacher handed out the exams" the stock and return some cash to Capital Cities shareholders. Buffett's investment company, Berkshire Hathaway Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. Inc., which holds 20 million shares, will get the same ratio of stock and cash as other Capital Cities investors. "It is a vote of confidence," Disney spokesman John Dreyer John Louis Emil Dreyer (February 13 1852 – September 14 1926) was a Danish-Irish astronomer. He was born Johan Ludvig Emil Dreyer in Copenhagen. In 1874, at the age of 22, he went to Ireland to work as the assistant of Lord Rosse (the son and successor of the said of Buffett's decision. Investors are receiving the equivalent of $127 in a combination of Disney stock and cash for each share of Capital Cities stock they hold. For the purpose of the sale, Disney stock was priced at $62 a share at that time. It closed at 66-7/8 Thursday, up -3/8. Disney expects to announce next week the ratio of stock and cash that will go to Capital Cities investors. CAPTION(S): PHOTO Photo (Color) Disney CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Michael Eisner, left, Warren Buffett, Disney President Michael Ovitz and Buffett's wife, Susie, celebrate the purchase of Cap Cities/ABC. |
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