Business Services Industry
Disney Share Price Remains Too High for Comcast to Buy.
Knight Ridder/Tribune Business News, March, 2004
By Barry Flynn, The Orlando Sentinel, Fla. Knight Ridder/Tribune Business News
Mar. 3--On the eve of Comcast Corp.'s stunning stock-swap takeover bid three weeks ago, the price it was to offer for The Walt Disney Co. amounted to a delicious, 7.7 percent bonus for Disney shareholders.
But that tempting premium didn't last long. Because of swift market fluctuations in both companies' share prices, the value of Comcast's all-stock bid quickly slipped below Disney's share price.
Nobody's going to take that offer, of course.
Some Wall Street analysts suggested that, if the would-be acquirer hoped to succeed, Disney's stock price would have to fall back -- or Comcast's price rise -- to the point where the bid would look attractive...
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