Home>News Center>World
         
 

Disney board rejects Comcast takeover bid
(Agencies)
Updated: 2004-02-17 11:26

The board of directors of The Walt Disney Company on Monday unanimously rejected a takeover bid from cable television giant Comcast Corp. as too low, but said it would consider a higher offer.

The rejection came less than a week after the Disney board said it would carefully consider the Comcast offer, which would have created the world's largest media company.

The board in a statement expressed support for current chairman and chief executive Michael Eisner and said the company's current structure and strategy are sufficient to maximize shareholder value. But it left open the possibility it would sell for a higher price.

"We are committed to creating shareholder value now and in the future and will carefully consider any legitimate proposal that would accomplish that objective," the statement read.

"In any proposal by Comcast, or any other company, the board will consider and assess the value to be received in exchange for the shares of Disney, and also the appropriate premium to reflect the full value of Disney."

The board noted that Comcast's offer to swap 0.78 of a share of Comcast for each Disney share undervalued the company by at least $6.6 billion based on the closing prices of both companies the day after Comcast announced its offer.

Disney's shares rose 15 percent last Wednesday — the day of Comcast's offer — then rose 1.4 percent on Thursday, and dropped 3.8 percent on Friday to close at $26.92 on the New York Stock Exchange.

Comcast's shares fell 12 percent from Wednesday through Friday to close at $29.90 on the Nasdaq Stock Market.

Comcast said in a statement Monday its offer "reflects a full and generous valuation based upon Disney's prospects and performance over a long period of time, representing a significant premium over Disney's unaffected share price during any relevant measurement period over the last three years.

"We maintain the belief that our merger proposal represents a sound and compelling proposition for both sets of shareholders," the statement said.

Comcast's bid was initially valued at $54 billion, with Disney shareholders retaining 42 percent ownership of the combined company. Comcast also said it would assume $11.9 billion in debt from Disney, which owns ABC, ESPN, movie studios and theme parks.

In its statement Monday, Disney's board of directors said that 0.78 of a share of Comcast is selling for $3.60 less than the market price of a share of Disney.

"The deficit of value in Comcast's proposal has existed from the very first day after Comcast announced it, when the deficit was $3.24 per Disney share or a total of $6.6 billion," the statement read.

Disney and Comcast together had $45 billion in revenues last year. If a deal had been reached to combine the companies, they would edge out Time Warner, which had $39.6 billion in revenues last year.

 
  Today's Top News     Top World News
 

Bank of China floating huge bond offering

 

   
 

Moscow police stop raiding Chinese stalls

 

   
 

Chinese diplomats in Iraq to reopen embassy

 

   
 

Trade surplus to fall this year

 

   
 

First bird flu reported in northeast China

 

   
 

4,450 US priests accused of child sex abuse

 

   
  India, Pakistan begin Kashmir talks
   
  4,450 US priests accused of child sex abuse
   
  Australian teen's death sparks riots
   
  Disney board rejects Comcast takeover bid
   
  Haiti rebels kill police chief, officers
   
  Bremer hints he may bar Iraqi Islamic law
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
Disney worker killed by parade float
   
Comcast proposes to buy Walt Disney
   
Eisner finds support in strange place: Pooh corner
   
Roy Disney sees groundswell in rebellion
   
Disney power struggle flares
   
Roy Disney resigns from Disney Co. board
   
Disney profit doubles on movie, TV gains
  News Talk  
  The evil root of all instability in the world today  
Advertisement
         
主站蜘蛛池模板: 美国式禁忌3在线| 91麻豆国产在线观看| 日韩欧美小视频| 亚洲日韩一区二区三区| 男女做爽爽免费视频| 国产aⅴ无码专区亚洲av麻豆| 久草免费在线观看视频| 国产精品美女久久久久| 99精品久久久中文字幕| 小荡货公共厕所| 中文字幕无码中文字幕有码| 日本肉体xxxx裸交| 九九热在线视频播放| 欧美影院在线观看| 亚洲欧美国产一区二区三区| 玖玖在线资源站| 免费播放美女一级毛片| 美女扒开大腿让男人桶| 国产一级黄色电影| 青青青国产在线视频| 国产成人亚洲精品电影| 中文字幕日韩精品麻豆系列| 国产精品青青青高清在线观看 | 一区二区网站在线观看| 无码人妻精品一区二区三区夜夜嗨| 久久精品亚洲欧美va| 日韩精品无码一区二区视频| 亚洲av永久综合在线观看尤物| 欧美日韩一区二区三区四区在线观看 | 国产日本欧美在线观看| 你懂的手机在线视频| 国产精品爆乳奶水无码视频 | 8050午夜二级毛片全黄app| 在线观看视频一区二区| jazzjazz国产精品一区二区| 好紧好爽太大了h视频| √天堂中文官网8在线| 小sao货水好多真紧h视频| 一区二区三区四区无限乱码| 忘忧草www日本| 一级特黄aaa大片免费看|