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Monday, February 16, 2004

Enjoy the Silence
Disney has made no official statement on Comcast's bid since the following statement, made 2/11/2004:

February 11, 2004
Contacts: Zenia Mucha
(818) 560-5300*


The Walt Disney Company Board of Directors has received and will carefully evaluate the unsolicited proposal from Comcast Corp. In the meantime, there is no action for shareholders to take. Today and tomorrow, the company will present to Institutional Investors and Analysts at a previously scheduled conference its broad array of unique and valuable businesses, as well as the strategies being deployed to fully realize the tremendous long-term value of those assets. # # #

Obviously a response to such a bid must be more than a "yes" or a "no." Presumably the response, when publicized, will be a very long no with voluminous justification of why a higher share price is warranted.

Perhaps Disney's drafting the response, or perhaps they're concentrating on other shareholder threats to Eisner at the moment.

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