Another bid from Comcast coming? Let's hope Disney rejects it, just as they did the first one. Here's an article on it from www.morningstar.com:
Disney's Iger Expects Higher Offer From Comcast
03-09-04 02:16 PM EST Dow Jones Newswires
NEW YORK -- Walt Disney Co. (DIS) President and Chief Operating Officer Robert Iger said it was "inevitable" that Comcast Corp. (CMCSA, CMCSK) will make another, richer offer for Disney.
"I don't know how or when [Comcast Chief Executive Brian Roberts] comes back," Mr. Iger said Tuesday at the Bear Stearns (BSC) Media, Entertainment and Information conference in Palm Beach, Fla. He added that he expected the new offer would be higher than the one made.
On Feb. 12, Comcast offered to acquire Disney in a stock swap of 0.78 of a Comcast share for each Disney share, and Disney's board turned it down for undervaluing the entertainment giant. After making the offer, shares of Comcast fell while those of Disney rose.
At the current exchange rate, and based on Comcast's Monday closing of $30 a share on the Nasdaq Stock Market, the bid would value Disney at $23.40 a share, lower than its Monday closing of $26.24 on the New York Stock Exchange and its 52-week high of $28.41 on Feb. 12.
The Disney board would evaluate a new offer from Comcast based on the deal's ability to create long-term shareholder value, Mr. Iger said.
Mr. Roberts, Comcast's CEO, said at the same conference Monday that the original offer fairly valued Disney and the company wouldn't sweeten the bid at the expense of hurting Comcast.
Disney's Iger Expects Higher Offer From Comcast
03-09-04 02:16 PM EST Dow Jones Newswires
NEW YORK -- Walt Disney Co. (DIS) President and Chief Operating Officer Robert Iger said it was "inevitable" that Comcast Corp. (CMCSA, CMCSK) will make another, richer offer for Disney.
"I don't know how or when [Comcast Chief Executive Brian Roberts] comes back," Mr. Iger said Tuesday at the Bear Stearns (BSC) Media, Entertainment and Information conference in Palm Beach, Fla. He added that he expected the new offer would be higher than the one made.
On Feb. 12, Comcast offered to acquire Disney in a stock swap of 0.78 of a Comcast share for each Disney share, and Disney's board turned it down for undervaluing the entertainment giant. After making the offer, shares of Comcast fell while those of Disney rose.
At the current exchange rate, and based on Comcast's Monday closing of $30 a share on the Nasdaq Stock Market, the bid would value Disney at $23.40 a share, lower than its Monday closing of $26.24 on the New York Stock Exchange and its 52-week high of $28.41 on Feb. 12.
The Disney board would evaluate a new offer from Comcast based on the deal's ability to create long-term shareholder value, Mr. Iger said.
Mr. Roberts, Comcast's CEO, said at the same conference Monday that the original offer fairly valued Disney and the company wouldn't sweeten the bid at the expense of hurting Comcast.
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