But 16 percent of Disney shareholders voted against a new stock option plan that allows Disney to issue 65 million additional shares.

"How can it be in the best interest of Disney shareholders for him to not even talk to us?"

At the current valuation, there is little reason to think Disney shareholders would find Comcast's bid appealing.

Investors said they expected that Comcast might have to raise its offer if it was going to win over Disney shareholders and gain control.

It remains unclear whether Comcast will make a truly hostile takeover bid and urge Disney shareholders to tender their shares.

Some Disney shareholders say that any offer will have to include some cash.

The Disney shareholders who sued argued that the board had failed in its duty to look out for their interests.

The campaign led to 43 per cent of Disney shareholders withholding their support from him.

Comcast should have to work harder to woo federal regulators on this $54.1 billion deal than to persuade Disney shareholders to permit the takeover.

Expressions by Disney shareholders of a lack of confidence in its management continue.