The Walt Disney Company (TWDC) held their 2017 Annual Meeting of Shareholders yesterday at the Bellco Theatre in Denver, Colorado. The Notice of the 2017 Annual Meeting and Proxy Statement can be downloaded here.
During the meeting a shareholder who has held stock in TWDC for 40 years asked a question about the long term future of the company and the takeover of Euro Disney by TWDC during the Q & A session of the meeting.
The Shareholder said that he was aware “That the company is talking about trying to acquire all the stock they can to be the majority shareholder. The shareholder continued “Paris is a beautiful park that needs a huge investment, to be the park it should be”.
Chief Executive Officer Bob Iger replied on the proposed takeover of Disneyland Paris by The Walt Disney Company:
“We did make an announcement that we are attempting to buy in what is left of the public ownership of the that entity. It was a business structure that was set up when we opened that had public shareholders and separate trading stock”.
“We believe we the best path forward in terms of managing that businesses successfully and creatively by the way, is for us to be the primary owners, or the sole owners really of that business. Because it will give us the ability to make the kind of investments we like to make to continue in its success”.
The Walt Disney Company announced its proposed takeover of Disneyland Paris on 10 February 2017. If the deal is approved by the French financial regulators Autorité des marchés financiers (AMF). Shareholders will be offered a cash price of €2.00 per share.
Last month Disney increased their stake in Euro Disney to 85.7% following the acquisition of 90% of the Kingdom Holding Company’s investment in the resort.
Disney will be filing with the AMF their draft offer document on 29 March 2017. The AMF is expected to make their decision on the proposal on 19 April 2017.
If the deal is approved a cash tender offer will launch on 21 April and will close on 19 May 2017, during this time Euro Disney shareholders will have the opportunity to sell their shares to TWDC for €2.00 per share.
Once the tender offer is completed and if Disney has acquired 95% of Euro Disney they will then commence a mandatory buy-out of the remaining Euro Disney shareholders forcing them sell their shares to The Walt Disney Company.
The future of Euro Disney and last years results will be discussed at this years Euro Disney S.C.A. Annual General Meeting which will be held on 31 March 2017 at Disney’s Hotel New York Convention Centre at Disneyland Paris. The future of the Euro Disney Shareholders Club will also be announced at the meeting.
All shareholders of Euro Disney S.C.A. are entitled to attend the AGM and information about how to attend can be found here.
You can listen to the full audio webcast of yesterday’s Walt Disney Company Shareholders Meeting here: