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Dow Rejection Won't Deflect Murdoch

Posted May 3, 07 8:44 AM CDT in Business 

(Newser) – The Bancroft family's rejection of Rupert Murdoch's $5 billion offer for Dow Jones set the stage yesterday for a battle with other shareholders and the board of directors—as well as within the family itself. Without the family's controlling votes, the board would likely jump at the offer, a 67% premium over the company's closing price Monday.

And Murdoch might be ideally suited to exploit these tensions, the Wall Street Journal notes. The Bancroft clan is large and far-flung, and there are generational rifts, with younger members who might be swayed by a sweetened offer. Family members who want to hold out could also buy out those who don't. Murdoch hopes to meet with family members in coming weeks.
Source: Wall Street Journal

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Co., publisher of The Wall Street Journal, said Tuesday, May 1, 2007 it has received an unsolicited bid from Rupert Murdoch's News Corp. to buy the company for $60 per share, or $5 billion. (AP Photo/Mark...   (Associated Press)
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