This is Bob Doughty with the VOA Special English EconomicsReport.

Takeovers are a common part of business. One company offers tobuy a controlling share of stock in another. But that other companymay not want to be bought. What then?

Last week, in the United States, Comcast offered to buy the WaltDisney Company. Disney did not ask for the offer. So it isconsidered a hostile takeover attempt.

Comcast is the largest provider of cable television in the UnitedStates. More than twenty-one million people buy its service. Disneymakes films and many other media products. It operates theme parksaround the world. And it owns major radio and television broadcastcompanies in the United States.

In its proposal, Comcast estimated the value of Disney atsixty-six-thousand-million dollars. Comcast offered to pay for thedeal with shares of stock. It offered to trade point-seven-eight ofa Comcast share for each Disney share.

Under the offer, Disney shareholders would own forty-two percentof the combined company. But the price of Disney stock went up afterthe offer, while shares in Comcast went down.

This week the Disney board of directors rejected the offer. Itsays Disney is worth more than Comcast is offering.

Disney shareholders will meet in Philadelphia for their yearlymeeting on March third. At that time, they will vote for members ofthe board of directors.

Former board members Roy Disney and Stanley Gold say they willask shareholders not to re-elect Disney Chairman Michael Eisner tothe board. Mister Eisner has led the company sincenineteen-eighty-four. He has angered many people. Comcast might bein a better position to take over Disney without Mister Eisner.

A deal with Disney would createthe biggest media company in the world, bigger than Time Warner.

In a separate development, Disney announced this week that itwill buy the Muppets. Disney will pay the Jim Henson Companyninety-million dollars for the rights to Kermit the Frog, Miss Piggyand other characters.

These will join the famous Disneycharacters like Mickey Mouse.

And, in other business news this week, Cingular Wireless offeredto buy A-T-and-T Wireless. The deal would create the biggest systemfor wireless telephone in America. Cingular is jointly held by twocompanies, S-B-C Communications and Bell South. Earlier, Vodafone ofBritain made an unsuccessful offer to buy A-T-and-T Wireless.

This VOA Special English Economics Report was written by MarioRitter. This is Bob Doughty.