Murdoch's Dow Jones bid still lacks family's backing |
| Los Angeles Times - Jul 31, 2007 |
Media baron Rupert Murdoch did not win the support of a solid majority of the family that controls the Wall Street Journal by a Monday deadline, casting doubt on the prospects for his $5-billion takeover bid.
More than five hours after the 2 p.m. EST deadline for members of the Bancroft family to tell their lawyers how they were voting, their Boston firm still hadn't issued a statement. Instead, the Journal reported the lawyers were still haggling with holdouts who were angling for a higher price than the $60 a share Murdoch's News Corp. offered in April for Journal parent Dow Jones & Co.
Doubts about a successful acquisition mounted through the day, especially after people involved in the process put the level of support from various Bancroft family trusts at about 28% of total voting power. All told, the family controls 64% of the power in Dow Jones through super-voting Class B shares.
Read Full Article from Los Angeles Times
- Posted: 2007-07-31 10:27:26
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