Comcast make $54.1bn hostile bid for embattled Walt Disney Co

COMCAST CORP, the largest US cable company, made a hostile bid to buy Walt Disney Co. for $54.1 billion in stock, increasing pressure on Disney Chief Executive Michael Eisner, as former directors seek to oust him.

Comcast CEO Brian Roberts said in a letter that Eisner was “unwilling’ to consider the offer, which would create the world’s largest media company. Philadelphia-based Comcast would pay $26.47 a share for Disney, a 9.9% premium over yesterday’s price, and assume $11.9 billion in debt. Disney shareholders would own 42% of the combined company.

Comcast’s surprise bid comes as Eisner tries to deflect criticism from two former Disney directors.