Journal Owners Rebuff Murdoch Offer

Dow Jones turns down News Corp.'s unsolicited buyout bid
By Colleen Barry,  Newser Staff
Posted May 2, 2007 9:36 AM CDT

(Newser) – The Bancroft family, which controls Dow Jones, rejected Rupert Murdoch's $5 billion offer for the media giant late yesterday—but their divided response to the unsolicited bid signalled to both News Corp. and other would-be buyers that a different offer might be acceptable.

The Bancrofts' 64% voting majority is distributed among some 20 family members; a spokesman said just over half of their shares would oppose the offer. News of the bid, which the Financial Times said was submitted two weeks ago, sent Dow Jones shares up 57% yesterday, and other newspaper stocks also rallied.



Possible suitors include the New York Times, Washington Post, Gannett, and GE. (Read more News Corp stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X