Finance: Disney rejects Comcast's bid

Posted at 10:08 PM EST (0308 GMT)

Feb. 16th, 2004 -- Disney has rejected the bid from Comcast to takeover the Disney corporation. Comcast took interest in the bid when Disney's financial status was in debt.

One Disney official claims: "In any proposal by Comcast, or any other company, the board will consider and assess the value to be received in exchange for the shares of Disney, and also the appropriate premium to reflect the full value of Disney."

Aside from the 54 billion dollar bid, Comcast claims they would assume the 11.9 billion debt from Disney. ABC and ESPN are all owned by Disney.

One of the statements in the proposal claimed: "The deficit of value in Comcast's proposal has existed from the very first day after Comcast announced it, when the deficit was $3.24 per Disney share or a total of $6.6 billion."

Disney claims they want to remain a independent organization, and plan on keeping it independent for as long as they can.

Read more at:
NBC 11 News
CNN.com

And check out the original story about Comcast's bid:

ThrillNetwork: Comcast's bid for Disney