Walt Disney Co.'s board said on Monday it had unanimously rejected cable operator Comcast Corp's unsolicited takeover bid as too low and endorsed Chief Executive and Chairman Michael Eisner and his strategy for the company.
The Disney board said it would carefully consider any "legitimate proposal" that created shareholder value. Comcast, which vowed it would be a disciplined bidder, almost immediately shot back that its proposal was "compelling" and "sound."
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Comcast in response to Disney's rejection of their takeover bid:
Our proposal to acquire The Walt Disney Company reflects a full and generous valuation based upon Disney's prospects and performance over a long period of time, representing a significant premium over Disney's unaffected share price during any relevant measurement period over the last three years. We maintain the belief that our merger proposal represents a sound and compelling proposition for both sets of shareholders.