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Dow Jones Board Seizes Control

By M. Morris,  Newser Staff

Posted Jun 20, 2007 4:48 PM CDT
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(Newser) – After more than a month of dithering by the Bancroft family, the Dow Jones board will take over negotiations with News Corp., greasing the skids for Rupert Murdoch's effort to acquire the company. With a $5 billion bid on the table, the board decided to "take the lead in addressing all aspects of the proposal," the Wall Street Journal reports.

In a clear indication of how thoroughly the pending offer has splintered the Bancrofts and their reps, three family members and a lawyer who serve on the board gave the go-ahead for the full 16-member panel to hash out a response to the $60-a-share offer. The decision bodes ill for a possible offer involving GE and Financial Times publisher Pearson.

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/Richard Drew, file)
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/Richard...   (Associated Press)
Co., publisher of the Wall Street Journal. (AP Photo/Mark Lennihan)
Co., publisher of the Wall Street Journal. (AP Photo/Mark Lennihan)   (Associated Press)
Co., publisher of The Wall Street Journal, is now firmly in play, even after the controlling Bancroft family turned thumbs down to a $5 billion bid from Rupert Murdoch. (AP Photo/Mark Lennihan, File)
Co., publisher of The Wall Street Journal, is now firmly in play, even after the controlling Bancroft family turned thumbs down to a $5 billion bid from Rupert Murdoch. (AP Photo/Mark Lennihan, File)   (Associated Press)
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The FT names names
Financial Times (UK)

More on the Bancrofts' reservations about Murdoch
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Intermix Media founder floats the idea of a partial buyout
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Rupert Murdoch • Wall Street Journal • Dow Jones • Bancroft family • News Corp

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