Bancrofts To Meet On Murdoch Bid For Dow Jones
May 23, 2007 at 6:34 AM (PT)
RUPERT MURDOCH's $5 billion offer to buy DOW JONES AND CO. is being discussed by the controlling BANCROFT family in a private meeting today, according to the WALL STREET JOURNAL.
The BANCROFTS, who own 64% of the voting shares of DOW JONES, have voiced resistance to the offer but have yet to take any action on the $60/share bid by MURDOCH's NEWS CORP. for the company, which publishes the JOURNAL and BARRONS and operates the WALL STREET JOURNAL RADIO NETWORK.
The informal meeting may also debate whether to seek competing bids, although MURDOCH's bid is already 67% over the pre-bid DOW JONES share price on the market.