Disney snub frustrates Comcast bondholders

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Holders of bonds in cable giant Comcast have been disappointed by Walt Disney’s unanimous rejection of Comcast’s all-stock unfriendly takeover bid for the entertainment company. Disney’s directors coupled its rejection with a vote of confidence in CEO Michael Eisner, setting the scene for what could become a long siege for control of the Disney empire.

When the bid was launched on February 11, Comcast’s offer was initially valued at more than $65 billion, but the value of the b

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