Disney-Marvel deal has $140 m termination fee

Marvel Entertainment Inc would have to pay the Walt Disney Co a termination fee of $140 million if it terminates a proposed merger with Disney, according to a securities filing on Friday.

The $4 billion merger agreement, announced on Monday, contains termination rights for Disney and Marvel, including Marvel's right to stop the merger to pursue a "superior deal," the Securities and Exchange Commission filing by Marvel said. Marvel has agreed, however, not to solicit other merger offers, the filing said. It may be required to pay Disney a termination fee of $140 m under "specified circumstances," the filing said.