Polaroid Spurns Disney Takeover

NEW YORK — Polaroid Corp.’s board of directors today rejected a takeover proposal by Roy Disney’s Shamrock Holdings Inc. as inadequate. Polaroid’s stock price had risen on the New York Stock Exchange amid speculation that its board was meeting to consider either a sweetened bid by Shamrock or a leveraged buyout proposal. Shamrock has offered $40 a share, or about $2.5 billion, and a percentage of any proceeds Polaroid would get from its litigation with Eastman Kodak Co.