Maybe they know its not going to happen so they are trying to back out of it without looking stupid for biting off more than they can chew?
Associated Press
Comcast says Disney not a 'must-have'
Monday March 8, 3:33 pm ET
PHILADELPHIA (AP) -- Comcast Corp., rebuffed in an unsolicited buyout offer of Walt Disney Co., said Monday that Disney was not a "must-have" acquisition.
Comcast chief executive Brian Roberts, speaking on a conference call, said he still believes that in the growing world of personalized television, Comcast can take Disney's movie portfolio and distribute it over its cable lines.
"We can create value at a faster rate for both companies," he said. "Is it something we have to do? No."
By contrast, Roberts said Comcast's 2002 acquisition of AT&T's cable television business was a "must-have," because it tripled Comcast's size and exposed it to new markets.
Comcast's bid for Disney was initially valued at $54 billion. Comcast, the nation's No. 1 cable company, also said it would assume $11.9 billion in debt from Disney, which owns ABC, ESPN, movie studios and theme parks.
Since then, Disney's stock has risen about $2.70, increasing the company's value by about $5.3 billion. Comcast's stock price has dropped about $4, dropping the company's value by about $9 billion.
Disney has twice declined Comcast's offer, while Comcast has repeatedly said it won't increase its bid.
"If it happens, great. If it doesn't, life goes on," he said. "We're going to continue to stay focused and operate our core business."
In trading Monday, Disney's shares were down 22 cents at $26.26 on the New York Stock Exchange, while Comcast lost 36 cents to $30.08 on the Nasdaq Stock Market.
Associated Press
Comcast says Disney not a 'must-have'
Monday March 8, 3:33 pm ET
PHILADELPHIA (AP) -- Comcast Corp., rebuffed in an unsolicited buyout offer of Walt Disney Co., said Monday that Disney was not a "must-have" acquisition.
Comcast chief executive Brian Roberts, speaking on a conference call, said he still believes that in the growing world of personalized television, Comcast can take Disney's movie portfolio and distribute it over its cable lines.
"We can create value at a faster rate for both companies," he said. "Is it something we have to do? No."
By contrast, Roberts said Comcast's 2002 acquisition of AT&T's cable television business was a "must-have," because it tripled Comcast's size and exposed it to new markets.
Comcast's bid for Disney was initially valued at $54 billion. Comcast, the nation's No. 1 cable company, also said it would assume $11.9 billion in debt from Disney, which owns ABC, ESPN, movie studios and theme parks.
Since then, Disney's stock has risen about $2.70, increasing the company's value by about $5.3 billion. Comcast's stock price has dropped about $4, dropping the company's value by about $9 billion.
Disney has twice declined Comcast's offer, while Comcast has repeatedly said it won't increase its bid.
"If it happens, great. If it doesn't, life goes on," he said. "We're going to continue to stay focused and operate our core business."
In trading Monday, Disney's shares were down 22 cents at $26.26 on the New York Stock Exchange, while Comcast lost 36 cents to $30.08 on the Nasdaq Stock Market.
