News Corp. makes unsolicited offer for Dow Jones
Dow Jones & Co. yesterday said its board of directors had received an unsolicited proposal from News Corp. to acquire all of the outstanding shares of Dow Jones common stock and Class B common stock for $60 per share in cash, or in a combination of cash and News Corp. securities.
Dow Jones publishes The Wall Street Journal and other publications. Its New York Stock Exchange price saw a $20.95 jump yesterday - to $57.28 - after reports of the offer. Further increases were halted for news pending.
The Bancroft family is the majority shareholder for the company.
Dow Jones said that the board of directors and Bancroft family members, trustees and financial advisors were evaluating the proposal. The company made no assurance that a transaction would take place.
News Corp., a global media and entertainment giant, reported assets last year totaling about $59 billion. Its current media hold spans film, television, magazines, newspapers and book publishing. Some of its newspapers include Australia's Daily Telegraph, Britain's The Times and the United States' New York Post.