News Corp. offers to buy Dow Jones - U.S. Business - MSNBC.com

News Corp. offers to buy Dow Jones - U.S. Business - MSNBC.com

News Corp. offers to buy Dow Jones
Newspaper company bid is unsolicited; share price surges
BREAKING NEWS
Reuters
Updated: 11:56 a.m. ET May 1, 2007
NEW YORK - Media company News Corp. has made an unsolicited $60 a share cash bid for newspaper company Dow Jones & Co. Inc., owner of the Wall Street Journal, CNBC reported on Tuesday.

Shares of Dow Jones surged nearly 58 percent on the news before trade was halted. Shortly before noon ET, Dow Jones confirmed the News Corp. offer and said it is evaluating the proposal.

CNBC said News Corp sent a letter to Dow Jones’ board of directors two weeks ago and that the Bancroft family, which controls a majority of Dow Jones’ shares, is currently deciding whether it will consider a sale. It has hired financial advisers, CNBC said.

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URL: http://www.msnbc.msn.com/id/18417054/