US TV
Disney's board of directors has unanimously voted down Comcast's takeover bid - but has indicated it may be open to future offers.
In a statement, the company explained its position and expressed confidence in Disney's CEO, Michael Eisner, who has received criticism from several quarters, not least former board member Roy Disney:
"The board noted that .78 of a share of Comcast is selling in the market for $3.60 less than the market price of a share of Disney... The Board has confidence in the business financial and creative direction of Disney under the leadership of Michael Eisner and his management team."
However, Disney did indicate that it would be willing to consider a better offer from Comcast, which many analysts think Comcast may be prepared for. The board said:
"We are committed to creating shareholder value now and in the future and will carefully consider any legitimate proposal that would accomplish that objective."
Comcast's response came in this statement:
"We maintain the belief that our merger proposal represents a sound and compelling proposition for both sets of shareholders."
There have been no official indications thus far that Comcast plans to put in an offer that Disney may be more receptive to.
In a statement, the company explained its position and expressed confidence in Disney's CEO, Michael Eisner, who has received criticism from several quarters, not least former board member Roy Disney:
"The board noted that .78 of a share of Comcast is selling in the market for $3.60 less than the market price of a share of Disney... The Board has confidence in the business financial and creative direction of Disney under the leadership of Michael Eisner and his management team."
However, Disney did indicate that it would be willing to consider a better offer from Comcast, which many analysts think Comcast may be prepared for. The board said:
"We are committed to creating shareholder value now and in the future and will carefully consider any legitimate proposal that would accomplish that objective."
Comcast's response came in this statement:
"We maintain the belief that our merger proposal represents a sound and compelling proposition for both sets of shareholders."
There have been no official indications thus far that Comcast plans to put in an offer that Disney may be more receptive to.
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