Takeovers: Is Steinberg the Big Bad Wolf?

New York Financier Saul Steinberg, 44, has compiled a fear some record as a corporate raider. So when he acquired 12.2% of Walt Disney Productions, the movie and amusement-park company appeared to be in danger. But Wall Streeters are now saying that Steinberg's battle plan looks like so much huffing and puffing. Though he has said he may buy nearly 50% of Disney stock, Steinberg's search for other investors to go in with him has so far been fruitless. Also, his fight to unseat Disney's board of directors looks doomed.

Last week Steinberg hit his biggest obstacle to date. A...

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