Here are the events that led up to yesterday's purchase by Walt Disney Productions of the stake held by Saul P. Steinberg:
March 12: Roy E. Disney, son of the co-founder of Walt Disney Productions, resigns, citing personal reasons. March 21: Disney stock soars on takeover rumors. March 28: Disney announces agreement with Bank of America and 15 other banks for increased credit line of $1.3 billion.
March 29: Reliance Financial Services Corporation, a unit of Reliance Group Holding Inc., controlled by Mr. Steinberg, discloses that it has acquired 6.3 percent of Walt Disney Productions' 34.6 million shares oustanding. April 3: Reliance notifies the Securities and Exchange Commission that it has increased its stake in Disney to 7.3 percent. April 10: Reliance discloses that it owns 8.3 percent of Disney shares. April 11: Roy Disney's Shamrock Holdings Inc. discloses it holds 4 percent of Disney shares. April 25: Reliance notifies the Federal Trade Commission and the Justice Department's antitrust division that it intends to acquire as much as 25 percent of Disney shares. April 26: In its first public comment on Reliance Financial's purchases, Disney denounces them as ''not in the best interest of Disney shareholders.'' May 1: Reliance discloses that it owns 12.1 percent of Disney shares. May 17: Disney agrees to acquire Arvida Corporation, a Florida real estate development concern controlled by the Bass Brothers of Texas, for $200 million of new stock. The move would dilute Reliance holdings. May 22: The F.T.C. and Justice Department approve Reliance's plans to purchase up to 25 percent of Disney shares. May 25: Reliance says it may seek control of Disney. May 29: Reliance discloses it will seek to remove Disney directors, quelling expectations of a takeover bid. June 6: Disney announces it will acquire Gibson Greeting of Cincinnati for as much as $337.5 million in new shares, further diluting Reliance's holdings. June 8: Reliance bids $67.50 a share, or $970 million, for 49 percent of Disney shares and says it may sell off some of Disney's operations. June 11: Disney buys back the Reliance holdings for $297.5 million and reimburses the company for $28 million of expenses incurred in stock purchases.
