Largest U.S. cable operator offers a $66B merger proposal for entertainment and media company.
February 11, 2004: 7:16 AM EST
NEW YORK (CNN/Money) - Comcast Corporation on Wednesday made a bid to merge with Walt Disney Company in tax-free transaction valued at $66 billion, including the assumption of debt.
Comcast said it would issue 0.78 share of Comcast Class A shares for each Disney share. Disney shareholders would receive a premium of over $5 billion, based on Tuesday's closing prices, the cable company said.
Comcast said Disney chairman Michael Eisner has been unwilling to discuss the deal.
Disney (DIS: Research, Estimates) shareholders would own 42 percent of the combined company under Comcast's proposal. The combination would create one of the world's leading entertainment and communications companies.
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