So holders who take more stock could save on taxes, assuming they are happy to continue holding Disney shares.

Investors did not seem much concerned: Disney shares, which have been under pressure for about a year, closed at 27 15/16, down 1/8.

The smaller trader's put on 100 Disney shares cost $160, including a one-way commission.

For larger players, with 1,000 Disney shares, the percentages are only slightly better.

The Bass group said the Disney shares had been purchased only as investments.

The Disney shares were quoted at the equivalent of $13.36, up $2.05 from the offer price of $11.31.

The studio executive was given the option to purchase up to two million Disney shares at $14.54 a share when he joined the company in 1984.

His wife and children hold an additional 28,800 Disney shares.

Despite those efforts, Disney shares fell $4.33, or 18 percent, to $19.25.

Disney shares, which had risen to a 52-week high of 115 3/4 on Feb. 23, have drifted nearly 8 percent lower.