i suppose disney's declining stock price does make it susceptible to a takeover. but who could afford it? wal-mart? you want a bunch of in-bred hillbillies from dogpatch, arkansas, running disney? (i'm kidding, of course; wal-mart is an excellent company with highly capable management.)
last year, disney ranked 67th on the fortune 500 list. it would take a big chunck of change to buy disney. eliminate from the possible takeover candidates all the automakers, banks, retailers, insurers, telecom and technology companies and you're left with maybe p&g and ups. or how about philip morris (synergies with kraft cheese and mickey mouse)?
this probably would never happen. but i think it would be interesting if disney bought dreamworks skg. that would give them loads of management talent to replace eisner, though the justice department might take a close look at any attempt to corner the animation market.