Mickey Mouses ears may resemble satellite dishes, but it looks like his home isnt going to be sold to the nations 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 wasnt 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 isnt interested in offering Disney more money.