In January 2006, Disney ultimately agreed to buy Pixar for approximately $7.4 billion in an all-stock deal. Following Pixar shareholder approval, the acquisition was completed May 5, 2006. The transaction catapulted Jobs, who owned 49.65% of total share interest in Pixar, to Disney's largest individual shareholder with 7%, valued at $3.9 billion, and a new seat on its board of directors. Jobs's new Disney holdings exceeded holdings belonging to ex-CEO Michael Eisner, the previous top shareholder, who still held 1.7%; and Disney Director Emeritus Roy E. Disney, who held almost 1% of the corporation's shares. Pixar shareholders received 2.3 shares of Disney common stock for each share of Pixar common stock redeemed.