New Delhi: Media giant News Corp has finally reached a tentative agreement to buyout Dow Jones for $5 billion.
The agreement on the $60 per share offer was reached after a meeting between the two companies. The Dow Jones board will meet on Tuesday evening to consider this offer.
The proposal still needs approval from the Bancroft family which contols 64 per cent of voting power, but the family's position on the agreement is uncertain. A final resolution to be achieved only next week.
The family's lead trustee, Michael Elefante, is planning to present the agreement to all family members at a July 19 meeting. They will have a few days to consider the offer, making it possible for a decision to be made by next week, the Wall Street Journal reported.
Approval from the Dow Jones board would give Rupert Murdoch the Wall Street Journal, which is the second-biggest US newspaper by circulation. It will also give Murdoch Dow Jones Newswires and Barron's.
Dow Jones shares were down 54 cents to $56.95 in 4 PM New York Stock Exchange composite trading on Monday. The shares rose about 50 cents in after-hours trading.
Comments
0 comment