Marvel shareholders approve acquisition by Disney - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Marvel shareholders approve acquisition by Disney

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NEW YORK (AP) – Shareholders of Marvel Entertainment Inc., home of Spider-Man and the Hulk, on Thursday approved the company's acquisition by The Walt Disney Co., as expected.

Marvel said the $4.3 billion acquisition will 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. Marvel Chief Executive Isaac "Ike" 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 per share in cash, plus 0.745 Disney shares for every Marvel share they own. Disney shares traded midday Thursday at $32.53, up 25 cents on the day. That values Marvel shares at $54.25, just above their trading price of $54.23.

The deal is Disney's largest since it purchased Pixar Animation Studios Inc., the maker of "Up" and "Cars," for $7.4 billion in stock in 2006.

Copyright © 2009 The Associated Press. All rights reserved.

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