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Murdoch Says $5B Is Final Offer for Dow Jones

Mogul won't raise offer to push stalling Bancroft family

By Greg Atwan,  Newser User

Posted Jun 27, 2007 4:09 PM CDT
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(Newser) – Rupert Murdoch won't raise his $5B bid for Dow Jones, the media mogul said today. Murdoch deflected speculation that he would up the ante to move along negotiations with the openly skeptical Bancroft family, which owns a majority stake in the Journal publisher. Instead, Reuters reports, Murdoch is suggesting he could balk if the Bancrofts dither.

"The final approval is in the next two, three weeks' time or not at all," he said. The declaration comes after the parties hammered out an informal guarantee of editorial independence from Murdoch, whose News Corp. also owns Fox News and the New York Post. Murdoch's offer represented a 65% premium on Dow Jones' share price when he made it.

Co. on Monday, meeting with key members of the Bancroft family in person to offer assurances that The Wall Street Journal would continue its long tradition of excellence under his stewardship. (AP Photo/David Karp)
Co. on Monday, meeting with key members of the Bancroft family in person to offer assurances that The Wall Street Journal would continue its long tradition of excellence under his stewardship. (AP Photo/David...   (Associated Press)
Co. over measures to protect The Wall Street Journal's editorial independence. (AP Photo/Mark Lennihan)
Co. over measures to protect The Wall Street Journal's editorial independence. (AP Photo/Mark Lennihan)   (Associated Press)
Co. in early May, but last Thursday agreed to meet with him. (AP Photo/Jason DeCrow)
Co. in early May, but last Thursday agreed to meet with him. (AP Photo/Jason DeCrow)   (Associated Press)
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More details on Murdoch's dictum
Guardian (UK)

The Bancrofts' Faustian bargain
Boston Globe

Details of the Murdoch-Bancrofts deal
Reuters

 
Rupert Murdoch • Wall Street Journal • Dow Jones • Bancroft family • merger • business • acquisition • News Corp

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