Submitted by: kirkland on Tuesday February 17th, 2004 at 07:44 AM EST

Walt Disney on Monday said it rejected an unsolicited $48.95 billion takeover offer from cable television company Comcast.

Disney's board said it had full confidence in the business, financial and creative direction of the company under the leadership of Chief Executive Officer Michael Eisner.

Comcast, the nation's largest cable TV company, last week made a surprise bid to acquire Disney, an entertainment icon that owns Hollywood's top studio, the ABC television network and the cable sports network ESPN.

"The board has confidence in the business, financial and creative direction of Disney under the leadership of Michael Eisner and his management team," Disney said in a statement.

"The board expects the company's current structure and strategy will maximize shareholder value," the company said.

The voice of support for Eisner comes after independent corporate governance analyst Institutional Shareholder Services, a strong influence on Wall Street, recommended last week that shareholders vote against reelecting Eisner to the board.

The Disney family, led by former director Roy Disney, also is spearheading a campaign for Eisner's ouster.

Comcast's offer valued Disney at about $23 a share, which was below Disney's closing stock price of $26.92 on Friday. The U.S. financial markets were closed on Monday for the President's Day holiday.

Source: C|Net