Fascinating and somewhat bizarre interview with Disney Chairman Michael Eisner on Larry King last night. The consummate corporate politician, Eisner consistently rapped Larry King’s (and callers’) softball questions out into left field for easy base hits.
For example, he got away with saying that the reason the Disney board rejected the Comcast deal was because the bid was too low:
“They were … over $3 less than the current market price of the company, which means, as opposed to being a premium, it was the opposite.”
As Eisner well knows, Comcast’s bid was under the Disney share price only because Disney’s shares stormed upward after Comcast made its offer. When the bid was announced it was at a (small) premium to Disney’s price, not a discount. The only reason Disney’s price went higher than Comcast’s original offer was because people speculated that Comcast would likely bid again, or a new bidder would appear.