novelraw Chapter 427: Chapter 428: Golden Parachute
Chapter 427: Chapter 428: Golden Parachute
Chapter 427: Chapter 428: Golden Parachute[Chapter 428: Golden Parachute]
By five in the afternoon, the sun had begun its descent, casting a magnificent orange hue across the horizon where the sea met the sky outside the glass curtain walls of Liberty City. Eric and Chris remained in their seats, seemingly unmoved the entire day.
It had been six months since Eric made the decision to acquire Disney. Throughout that time, in addition to secretly acquiring Disney stock, Chris had conducted extensive re
Disregarding their chatter, Eisner directed his assistant, "Gather all management for a meeting, and send a letter to Firefly's management to formally decline the acquisition." "Mr. Eisner, according to procedure, we need to disclose this to the shareholders," the assistant gently reminded him.
Eisner shot an irritated glance at his assistant, "Just do your job."
The assistant, feeling sheepish, nodded and exited.
Eisner rapped his fingers on the table to silence everyone, declaring, "Alright, quiet down.
We'll discuss this once management arrives."
A hushed silence fell over the board members.
...
On the same day Firefly submitted its acquisition offer to Disney's board, Disney rejected the proposal outright and selectively shared information about Firefly's offer with numerous
shareholders.
Within just three days, while rejecting Firefly's terms, Disney swiftly approved a protective plan against hostile takeovers known as the golden parachute.
The golden parachute referred to a pre-signed agreement designed to protect the management from hostile acquisitions, stipulating that if a target company were acquired successfully, the existing high-level management would receive substantial severance packages should they face termination. Clearly, when confronted with a hostile takeover, Michael Eisner's first thought was still about safeguarding his own interests.
Three days later, Firefly held a press conference to publicly announce its acquisition plan for Disney and, as a Disney shareholder, demanded that Disney's management immediately disclose its financial status to the investing public.
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