Marvel Stockholders Approve Disney Merger

New York - Shareholders of Marvel Entertainment Inc. today approved a merger in which the company behind such superheroes as Spider Man, Iron Man and X-Men will become a wholly owned subsidiary of The Walt Disney Co.

Marvel anticipates that the merger -- which, based on the closing price of Disney's common stock on Wednesday has an estimated value of about $4.3 billion -- will be completed today after the close of the market.

Under the deal, Disney will acquire ownership of more than 5,000 Marvel characters, including Captain America, the Fantastic Four and Thor.

When the merger was announced at the end of August, Disney President and CEO Robert Iger said Marvel CEO Ike Perlmutter and his colleagues at the 70- year-old company had done "an impressive job of nurturing" Marvel properties and creating "significant value."

Perlmutter will oversee the Marvel properties and work to integrate them into Disney's business lines.

Marvel shareholders approved the merger at a special meeting held this morning in New York.