03 January 2010

Disney Takeover Approved By Marvel Shareholders

NY Times

Shareholders of Marvel Entertainment, the publisher of Spider-Man and the Hulk comics, on Thursday approved the company’s acquisition by the Walt Disney Company, as expected.

Marvel said the $4.3 billion acquisition would close at the end of the day, bringing Spider-Man, Iron Man and 5,000 other comic-book characters under the same roof as Mickey Mouse and Donald Duck.

Approval of the deal was expected. The chief executive, Isaac Perlmutter, who owns 37 percent of Marvel stock, supported it. He will be overseeing the Marvel business after the acquisition.

Marvel shareholders will receive $30 a share in cash, and 0.745 Disney shares for every Marvel share they own. Disney shares closed at $32.25 on Thursday, down 3 cents. Marvel shares closed at $54.08, up 3 cents.

The deal is Disney’s largest since it acquired Pixar Animation Studios, the maker of “Up” and “Cars,” for $7.4 billion in stock in 2006.

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