Comcast Drops Bid to Acquire Disney | LA Times

[Ediacara]

Comcast Drops Bid to Acquire Disney


Brian Roberts
(AP/Suzanne Plunkett)


Michael Eisner
(AP)

By Jesus Sanchez, Times Staff Writer

Cable giant Comcast today said it was "time to walk away" from its nearly 2-1/2 month long battle to take over Walt Disney Co. and dropped its unsolicited bid for the fabled entertainment company.

The stock-swap offer, valued at about $54 billion when it was made in February, had been rejected by Burbank-based Disney as too low, and the company has rebuffed numerous public and private efforts by Comcast to start negotiations.

Comcast had refused to sweeten its offer even as the value of the deal, which was tied to the company's stock price, sank and remained below the market value of Disney stock.

More at the Los Angeles Times

[jono]

1. Whew! (nt)