Demand the establishment of the government in its rightful home at Disneyland.

For those of you interested in the merger talks between MCI and GTE...

Yesterday after close of market, Disney Corporation issued an unsolicited bid for MCI. Excerpts from the Disney press release are included below for your information.

More information will be provided as it becomes available.

**********************************************************************

Los Angeles, Ca.--(BUSINESS WIRE)--Oct. 23, 1997--Michael Eisner, Chairman and Chief Executive Officer of Disney Corp., today sent a letter to Bert C. Roberts, Jr., Chairman of MCI Communications Corporation, proposing to acquire MCI in a transaction valued at approximately $2 billion in cash and $26 billion in Disney money. This equated to $40.00 per share. The Disney money is redeemable against any Disney product or service (subject to availability and black-out periods).

A spokesman said "we were the only Mickey Mouse Company yet to make an offer and this proposal rectifies that situation. We feel our experience with roller-coaster rides will be of great benefit as we watch the stock of the various Companies over the coming months".

The transaction, one of the largest mergers ever proposed, would create an enterprise with more than $60 billion ($60bn Mickey) of combined revenues, more than 21 million local lines, 24 million long-distance lines, 500 extra-long wait-in-lines, a renowned film production facility, 4 theme park locations, 1 cruise line, some really big parking lots, major cable franchises, 24,000 costume outfits, significant positions in every key area of the telecommunications and entertainment markets, and a long-standing and continuing commitment to bringing the benefits of telecommunications on a highly competitive basis to a broad spectrum of residential and business customers. A spokesman said that the new telecommunication activities were seen as core enabler for the existing entertainment divisions.

The spokesman added that in the event of the merger being completed all MCI employees would henceforth be known as cast members; however there is no truth in the rumour that junior cast members will be obliged to wear duck suits.

top