Disney rejects Comcast offer

[LUVDSNY04]

Hi,
This was just at yahoo.com tonight.http://story.news.yahoo.com/fc?cid=34&tmpl=fc&in=Business&cat=Walt_Disney_Company

 

[Dan Murphy]

 

[Verandah Man]

I just heard it on my local news!!!

 

[musicalSaranader]

Great picture, Dan!! I just heard the story, too. So excited!

 

[Alice28]

Thank God! YAY!!! :jumping4:

 

[Tiggerlover91]

Don't understand why you guys worried about it anyway.

 

[JenBlaze]

One liiiiiittle bitty problem, though - Disney DID say that they would definitely consider a higher offer from Comcast.

This ain't over yet, folks.

 

[chernabog]

As with any large takeover bid, I'm sure this will continue back and forth for some time!

 

[MICKEY88]

CORRECTED - Comcast doesn't want Disney at current price-source
Reuters, 02.17.04, 12:04 PM ET



In NEW YORK story headlined. "Comcast doesn't want Disney at current price-source," please read in 2nd paragraph ...all-stock offer on Monday ... instead of ... all-stock offer on Sunday...

Also in 4th paragraph, please read "...told Reuters on Tuesday" instead of "...told Reuters on Monday." (corrects day)

A corrected repetition follows:

NEW YORK, Feb 17 (Reuters) - Cable provider Comcast Corp. (nasdaq: CMCSA - news - people) is not interested in buying Walt Disney Co. (nyse: CMCSA - news - people) at the entertainment conglomerates's current stock price, or running a consent solicitation to replace all or part of the board, a source close to the company said on Tuesday.

Disney rejected Comcast's unsolicited $48.1 billion, all-stock offer on Monday, noting the bid represented a 17 percent discount to Disney's current stock price. Based on current stock prices, Comcast's bid values Disney at about $23.09 per share, while Disney traded up 7 cents to $26.99 in late-morning.

Comcast responded by saying the bid was a full and generous offer.

"We are not interested in Disney at the current price levels," the source told Reuters on Tuesday. "Obviously, if we're not interested in Disney at these prices, we're not going to run a consent solicitation."

Copyright 2004, Reuters News Service