It was a junky premium to begin with. Comcast knew that its shares would fall on the news. Where Comcast closed out the week that 0.78 offer is for a little more than $23 a share. That's where Disney was BEFORE it ran up on the buyout bid.
Disney is in play. It is baiting Comcast for a higher offer -- while at the same time inviting others to bid on the company. There aren't too many companies that could come up with an offer, even an all-stock offer like Comcast's, but I'm sure this is not the end of this story.
...don't count Comcast, or any of those other potential suitors, as being completely "out of the picture". When the other companies came in expressing an interest, that undoubtedly raised Disney's appraisal of what the company was "worth". What's it *really* worth? Whatever the highest bidder will pay...;)
Comcast may sweeten the pot, so to speak, or Disney may get a better price from another suitor, or Disney may remain as is...but even that outcome seems more and more likely to be under new leadership...
This was just a rejection of the opening bid, IMO, and I'd be exceptionally surprised if this was "the end of it" with regards to all the interest in acquiring Disney....but as the heat gets turned up on Eisner, the bids SHOULD keep coming in...should be fun to watch! ;)
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