Dow Jones Board Seizes Control

Posted Jun 20, 2007 4:48 PM CDT
Dow Jones Board Seizes Control
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)   (Associated Press)

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. (More Dow Jones stories.)

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