WE DID IT!! MARVEL UNIFIED IS FINALLY HERE!!
"Twenty-First Century Fox, has accepted a new offer from Disney, which included a higher per share offer of $38 per 21CF share versus the prior offer of $28 per share that Disney offered in December 2017.
Continue Reading Below
|FOXA||21ST CENTURY FOX||48.48||+3.77||+8.44%|
|DIS||WALT DISNEY COMPANY||107.26||+1.16||+1.09%|
21CF prefers the offer over Comcast’s recent bid, stating in a press release that, “The amended and restated Disney Merger Agreement offers a package of consideration, flexibility and deal certainty enhancements that is superior to the proposal made by the Comcast Corporation on June 13, 2018.”
Under the amended and restated Disney Merger Agreement, Disney would acquire those businesses on basically the same terms, except that, among other things, Disney's offer allows 21CF stockholders to elect to receive their consideration, on a value equalized basis, in the form of cash or stock, subject to 50/50 proration."
"At stake is a trove of media properties, ranging from "The Simpsons" to "X-Men," that may help fend off the threat from Netflix (NFLX) and other streaming upstarts. Both Disney and Comcast are looking to use the Fox assets to bolster their content and expand overseas.
Disney's latest offer is a "very aggressive move" by Chief Executive Officer Bob Iger and may make it difficult for Comcast to respond, said Bloomberg Intelligence analyst Paul Sweeney. Comcast's current bid was already poised to load the company up with debt, and its shares have fallen 18% this year.
21CF shareholders will receive a number of Disney shares equal to $38 in value if the average Disney stock price at closing is between $93.53 and $114.32.
Disney's new offer is worth $71.3 billion in cash and stock. Disney is expected to pay a total of about $35.7 billion in cash and issue about 343 million new shares to 21CF shareholders, according to Reuters.
21CF’s board came to the conclusion that the unsolicited proposal from Comcast couldn’t reasonably be expected to result in a “Company Superior Proposal” under the Disney merger agreement.
The new agreement contains no change to the provisions about the company’s directors being able to evaluate a competing proposal."