Marvel Shareholders Agree to Disney Merger31 Dec, 2009 By: Erik Gruenwedel
Shareholders of Marvel Entertainment Inc. Dec. 31 voted to approve a $4.3 billion acquisition by The Walt Disney Co., making the 80-year-old comic book brand a wholly-owned subsidiary of Disney at the close of the business day.
Marvel shareholders will get $30 per share in cash plus about 0.745 Disney share for each Marvel share. The deal is valued at $50 per share to Marvel shareholders.
Disney CEO Bob Iger, in a call with investors last summer when the deal was first announced, said Marvel’s 5,000 characters, which include Iron Man, Spider-Man, the X-Men, Thor and Captain America, transcend gender, age and cultural boundaries, and are important in a rapidly evolving market in which consumers have multiple entertainment options.
Iger has said he expects to leave intact the creative process at Marvel, a strategy that has worked exceedingly well following its 2006 acquisition of Pixar Animation, including this year's 3D hit Up, wihch ranked among the top home entertainment and theatrical releases in 2009.
Final consummation of the Marvel merger is still dependent on federal regulatory approval.