Disney prepares for Marvel merger
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Marvel Entertainment will hold a shareholder meeting tomorrow (31 December), during which it will confirm its takeover by The Walt Disney Company.
At the special meeting, stockholders will consider and vote on the adoption of the US$4bn (£2.5bn, 2.8bn euro) deal, which will see Marvel become a wholly-owned subsidiary of Disney.
In a statement, Marvel said shareholders who owned Marvel common stock at the close of business on November 23, 2009 are entitled to vote at the meeting. According to a spokesperson, the meeting is a formality and the takeover will be officially announced later in the day.
Under the terms of the agreement and based on the closing price of Disney shares on 28 August, Marvel shareholders can expect to receive a total of US$30 per share in cash plus about 0.745 Disney shares for each Marvel share they own, making the transaction value US$50 per Marvel share.
The deal will see Disney assuming ownership of Marvel, plus intellectual property rights to more than 5,000 characters including Iron Man, Spider-Man, X-Men, Captain America, Fantastic Four and Thor (pictured).
Ike Perlmutter, Marvel's chief executive officer, will oversee the Marvel properties and work to integrate them into the Disney portfolio.
Robert A. Iger, President and Chief Executive Officer of The Walt Disney Company said: "We believe that adding Marvel to Disney's unique portfolio of brands provides significant opportunities for long-term growth and value creation."
The deal means that Disney resorts and parks could in the future have Marvel-themed rides and attractions next to Disney's own movie brands - such as Nemo and Pirates of the Caribbean.
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