Dow Jones Jumps Above $60 Bid; Bancrofts Will Talk |
| Bloomberg - Jun 1, 2007 |
Dow Jones & Co. shares surged, jumping above News Corp.'s $60 offer price, on optimism Rupert Murdoch may raise the offer to persuade the Bancroft family to sell.
The shares rose as much as 15 percent after the Bancrofts said last night they will consider a sale, ending a month of resistance to Murdoch's $5 billion offer. Some investors are anticipating Murdoch will increase the bid to complete the deal.
``Murdoch may say that in the interest of good will, we'll give you another $5 to $10 a share to cement the deal,'' said Robert Willis, chief investment officer of Willis Investment Counsel in Gainesville, Georgia, which hasn't sold its 77,000 Dow Jones shares since the bid was announced May 1. ``The Bancrofts have talked among themselves, and come to grips with the fact that the premium was just too high to ignore.''
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- Posted: 2007-06-01 10:01:08
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