Disney board rejects Comcast offer, endorses Eisner

Posted Tuesday, February 17, 2004 7:51 AM | Contributed by Lord Gonchar

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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