Disney Board Okays Takeover Offer to Pixar

LOS ANGELES (Reuters) – The board of Walt Disney Co. has authorized Chief Executive Robert Iger to make an offer to buy Pixar Animation Studios Inc., and that is expected by Tuesday, a source familiar with the matter said late on Monday. Pixar's board is expected to consider the offer on Tuesday as well, said the source, who did not disclose financial terms. Pixar shares closed at $58.27 on Monday on Nasdaq, putting its market value at just under $7 billion. The shares have risen about 12 percent in the last month, partly on speculation that Disney would buy the computer animation company. The Wall Street Journal has reported that Disney is considering an all-stock offer, which would make Pixar Chief Executive Steve Jobs its largest individual shareholder. The Journal reported late on Monday that the of-fer under consideration would give Jobs, who has a controlling stake in Pixar, a seat on the Disney board. A deal that gives Jobs a Disney board seat could also put him in a position to lead Hollywood's move onto the Web.