Soon after shareholders of Walt Disney Co. (NYSE
IS - News) displayed their displeasure with Chairman and Chief Executive Michael Eisner by withholding 43% of votes cast for his reelection to the board, the cable operator said it seeks a meeting with independent board members to talk about merging.
The "unprecedented withhold vote by Disney's shareholders sends a powerful message that Disney's board and management need to focus more on shareholders interests," Comcast said in a statement.
"Disney's independent directors should immediately meet with Comcast so we can directly present our full and generous proposal and the benefits of the merger," a Comcast spokeswoman said.
Comcast lobbed an unsolicited bid for Disney on Feb. 11. The deal offered to exchange one share of Disney for 0.78 of a share of Comcast, valuing the company at $54 billion at the time of the offer. That premium was quickly erased in a matter of days as Comcast's share price dropped and Disney's climbed. Though many have expected Comcast to raise its bid, Comcast has thus far stood behind its original bid.
Comcast, in its statement Wednesday, said its proposal is "significantly higher" than the value of Disney on its own. The company also said the deal offers a premium over Disney's share price during "any relevant trading period" over the past three years.
According to preliminary figures released by Disney, 771.7 million shares of 1.770 billion votes were withheld for Mr. Eisner. The vote was part of a "vote no" campaign orchestrated by Stanley Gold, a former Disney director, and Roy Disney, Walt Disney's nephew, who have been unhappy with Mr. Eisner's leadership.
The Disney shareholder meeting took place in Philadelphia, which, coincidentally, is Comcast's hometown. Despite the proximity, about 500 Comcast employees were on the other side of the country Wednesday attending a long- planned meeting in Phoenix.
Comcast executives weren't at the Disney shareholder meeting, a Comcast spokesman said