Mickey Will Entertain Other Offers

Author:
Publish date:
Social count:
0

The Walt Disney Co.’s board has unanimously rejected Comcast Corp.’s $66 billion bid for the company as too low, according to a published report.

"We are committed to creating shareholder value now and in the future and will carefully consider any legitimate proposal that would accomplish that objective," the board said in a statement.

Comcast responded Monday that the offer still stands.

Meanwhile, former board members Roy Disney and Stanley Gold are planning a different kind of takeover bid. They will hold a briefing/rally in Philadelphia March 2 on the eve of Disney board elections. They want shareholders to vote out Eisner and three other members.

Institutional Investor Services, which provides corporate governance recommendations to financial institutions, recommended last week that shareholders withhold their votes on Eisner, which is effectively a vote of no confidence.

ISS’s Cheryl Gustitis suggests that the Disney board’s statement that it would consider other offers is further suggestion of unhappiness with the current running of the company.

"If there had been complete confidence in current performance," she said, "there wouldn’t have been any open doors for a suitor."

Related