Controlling family opposes selling Dow Jones
Cory Bergman May 1st, 2007
The majority of shares from the family that controls a majority stake of Dow Jones will vote against selling the company to News Corp., a trustee said. This despite an extremely generous $5 billion all-cash offer that sent Dow Jones’ stock skyrocketing. Members of the company’s union also opposed the takeover. “The staff, from top to bottom, opposes a Rupert Murdoch takeover of Dow Jones & Co.,” they said in a statement. “The massive premium Mr. Murdoch is offering suggests only one recourse to make the acquisition profitable: gutting the enterprise and slashing the staff that make it the leading financial news organization.”
Earlier: News Corp bids for Dow Jones Company
3 Comments Add your own
1. Dan | May 1st, 2007 at 9:15 pm
This is a public company. You can’t have, even a
controlling interest, turn down such a generous offer
without a lawsuit from shareholders. It sucks, but
that’s what you get if you go public. The good is the
huge money you make when your company is
bid up. The bad is this kind of thing. You can’t have it
both ways. If the board turns this down, they will be sued, possibly individually. If that doesn’t happen, Murdock could buy enough shares to demand a board seat. Then the fun really begins. If Murdock is serious,
this far from over. I’m sure he wants the company
as a resource for his new cable business news channel.
Dan
2. Darrien | May 1st, 2007 at 10:19 pm
Thank god.
3. Luk | September 29th, 2007 at 1:31 am
aebn.myfreepaysite
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