Mickey Mouse’s ears may resemble satellite dishes, but it looks like his home isn’t going to be sold to the nation’s largest cable company. Walt Disney Co.’s board of directors has unanimously rejected Comcast Corp.’s $54 billion takeover offer.
Disney released a statement saying that the interests of Disney shareholders would not be served by accepting "any proposal that does not reflect fully Disney’s intrinsic value and earnings prospects.” The company also says, "The board has confidence in the business, financial and creative direction of Disney under the leadership of Michael Eisner and his management team."
The Comcast bid was made public last Wednesday after Disney CEO Michael Eisner told Comcast CEO Brian Roberts during a private phone call that he wasn’t interested in a merger.
While Wall Street has been expecting a bid raise by Comcast, The Dow Jones Business News reports that a source close to the situation says Comcast isn’t interested in offering Disney more money.