AT&T’s board of directors on Wednesday officially rejected Comcast’s $39.5-billion bid for AT&T Broadband, the telecom’s cable unit. It said the offer “does not reflect the full value” of the company. Analysts, however, expected Comcast to sweeten its offer. They also forecast that other bidders would emerge — almost certainly John Malone’s Liberty Media, the Walt Disney Co., and perhaps AOL Time Warner, which, according to speculation, would spin off its cable unit into a new company that would include AT&T Broadband.
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