Comcast has launched a hostile bid for Disney.
Comcast Corp. Wednesday launched a hostile all-stock bid to buy Walt Disney Co. for about $54.1-billion (U.S.) in stock, touting the proposal as a chance to create a “unique” world-leading entertainment and communications company with an unparalleled distribution platform.
The proposal — which would see Philadelphia-based Comcast exchange 0.78 of a Comcast class A share for each Disney share — comes just days after Disney’s top executive rebuffed suggestions to that the two enter merger talks.
“It is unfortunate that you are not willing” to enter discussions, Comcast president and chief executive Brian Roberts said in a letter dated Feb. 11 to Disney CEO Michael Eisner.
“Given this, the only way for us to proceed is to make a public proposal directly to you and your board.”
Yikes.
For all that Disney is reviled in some quarters as a soulless money-grubbing art-drubbing corporate machine, I don’t think anyone actually thinks of it in terms of being owned by a yet more soulless money-grubbing entity.
If the deal goes through, Disney shareholders would own about 42 per cent of the combined company.
Hmmm. Since Margie’s a shareholder, I wonder if I could use that leverage when next I call to complain about cable service …
(via Scott)