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http://story.news.yahoo.com/news?tm...y/comcastwontraisebidfordisneywithoutmoreinfo
Comcast won't raise bid for Disney without more info
By Lorrie Grant, USA TODAY
Brian Roberts, president and chief executive of Comcast (CMCSA), won't raise the cable television operator's bid for Walt Disney Co. (DIS) until he gets better information.
Roberts told fellow CEOs on Wednesday that "some facts would have to change" before his company would consider a higher offer for Disney. Disney owns the ABC television network, as well as broadcast TV stations and stakes in several cable channels, such as ESPN and the A&E Television network.
While Roberts clearly isn't backing away from his interest in Disney, the action could be viewed by Wall Street as a means of biding time to see what happens to Disney stock in the next few weeks, with Disney CEO Michael Eisner still on the hot seat.
Philadelphia-based Comcast had a bid for Disney initially valued at $54 billion, at least 10% more than Disney stock at the time. But changing stock prices have since erased that premium.
Disney, based in Burbank, Calif., rebuffed the proposal.
Roberts reiterated previous comments that the proposed Disney acquisition is not a "must have" for Comcast.
He told reporters after a speech at the Boston College Chief Executives Club that Comcast would wait to see "in the fullness of time where the market settles out."
Shares of Disney ended down 33 cents, or 1.3%, at $24.77 Wednesday, compared with a $27.60 close on Feb. 11, the day Comcast announced its bid to merge the two companies.
The deal would give Disney investors 42% of the combined company.
Comcast finished at $28, down 16 cents, or 0.6%.
Comcast won't raise bid for Disney without more info
By Lorrie Grant, USA TODAY
Brian Roberts, president and chief executive of Comcast (CMCSA), won't raise the cable television operator's bid for Walt Disney Co. (DIS) until he gets better information.
Roberts told fellow CEOs on Wednesday that "some facts would have to change" before his company would consider a higher offer for Disney. Disney owns the ABC television network, as well as broadcast TV stations and stakes in several cable channels, such as ESPN and the A&E Television network.
While Roberts clearly isn't backing away from his interest in Disney, the action could be viewed by Wall Street as a means of biding time to see what happens to Disney stock in the next few weeks, with Disney CEO Michael Eisner still on the hot seat.
Philadelphia-based Comcast had a bid for Disney initially valued at $54 billion, at least 10% more than Disney stock at the time. But changing stock prices have since erased that premium.
Disney, based in Burbank, Calif., rebuffed the proposal.
Roberts reiterated previous comments that the proposed Disney acquisition is not a "must have" for Comcast.
He told reporters after a speech at the Boston College Chief Executives Club that Comcast would wait to see "in the fullness of time where the market settles out."
Shares of Disney ended down 33 cents, or 1.3%, at $24.77 Wednesday, compared with a $27.60 close on Feb. 11, the day Comcast announced its bid to merge the two companies.
The deal would give Disney investors 42% of the combined company.
Comcast finished at $28, down 16 cents, or 0.6%.
