Comcast Isn’t Ready to Bid Up

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The Walt Disney Co. continued to receive pressure from disgruntled shareholders last week.

But Comcast Corp., which launched an unsolicited bid for the entertainment giant more than a month ago, is publicly sitting still.

Six pension funds — the California Public Employees Retirement System, the California State Teachers’ Retirement System, Ohio Public Employees Retirement System, and the state pension funds of New York, North Carolina and Connecticut — last week demanded a meeting with Disney’s board of directors to discuss operating performance and governance concerns.

A day later, Disney chairman George Mitchell agreed to meet with the group, but a time hasn’t been worked out yet.

Comcast isn’t ready to say it’ll revise its $61 billion stock-and-debt bid. “Some facts would have to change” before that would happen, Comcast CEO Brian Roberts said at an industry event in Boston last Wednesday, the Associated Press reported.

Roberts, according to AP, told reporters after a speech at The Boston College Chief Executives’ Club that Comcast would wait to see “in the fullness of time where the market settles out.”

Most analysts believe Comcast is waiting for Disney to return to pre-bid levels. Comcast sold for $33.93 on Feb. 10, the day before the bid, while Disney was at $24.08.

On March 24, Comcast closed at $28.47, $3 shy of Disney’s $25.05 on March 25.

At current levels, Comcast’s bid is only about $22.20 per Disney share.

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