Wednesday, Marvel Entertainment, Inc. (MVL), a character-based entertainment and licensing company, said that it has set December 31 as the date for its special meeting of stockholders to consider and vote on the previously announced plan of merger with media and entertainment company Walt Disney Co. (DIS)
In August, Walt Disney Co. said that it has agreed to acquire Marvel Entertainment, Inc. in a cash and stock transaction valued at about $4 billion. As per the deal, Disney will acquire ownership of more than 5,000 Marvel comic-book characters, including Iron Man, Spider-Man, X-Men and Captain America and Marvel will become a wholly-owned subsidiary of Disney.
Under the terms of the deal, shareholders of Marvel will receive a total of $30 per share in cash plus approximately 0.745 Disney shares for each Marvel share they own. The amount of cash and stock will be adjusted if necessary at closing so that the total value of the Disney stock issued as merger consideration based on its trading value at that time is not less than 40% of the total merger consideration.
The boards of directors of both Disney and Marvel have approved the transaction, which require antitrust review and approval of Marvel shareholders.
Marvel Entertainment up to now has created at least 5,000 characters. Spider-Man, Iron Man, Captain America, Hulk, X-men, Blade Ant man are some of the casting made by the company. Marvel is part of a joint venture with Sony Pictures Entertainment Inc., called Spider-Man Merchandising L.P. related to Spider-Man movie related licensed products.
New York-based Marvel Entertainment said Tuesday, stockholders who owned Marvel common stock at the close of business on November 23 are entitled to vote at the special meeting.
MVL is currently trading at $52.53, up 0.44%, while DIS is trading at $30.76, up 0.10% on the NYSE.
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