Dow Jones has listened to alternative bids to a takeover by Rupert Murdoch from California billionaire Ron Burkle in partnership with internet entrepreneur Brad Greenspan.
According to a report on MediaGuardian.co.uk, Burkle and Greenspan had a meeting last night with Dow Jones where they outlined a possible alternative to Murdoch’s $5 billion (£2.5 billion) bid.
It is unknown how much of Dow Jones the pair want to buy, although the report says that Dow Jones’ union hopes they will be able to match Murdoch’s offer of $60 a-share on some Dow Jones shares.
This would mean that the members of the company’s controlling Bancroft family who wish to sell their shares at $60 could do so and the rest of the family would retain a controlling stake.
A report in today’s Wall Street Journal quotes Peter Kann, former Dow Jones chief executive, as saying: “The search for any buyer but Murdoch makes little sense to me.
“If the family is going to sell I see no point in pursuing industrial conglomerates, internet entrepreneurs, supermarket magnates and real-estate developers. None know anything at all about journalism. As to Mr Murdoch, at least he loves newspapers, presumably would invest in the WSJ and Dow Jones, and would seem to have little incentive to tarnish a trophy he has coveted for so long.”
It was rumoured last week that Dow Jones would make an announcement confirming the sale to Rupert Murdoch some time this week (see Murdoch Dow Jones Deal Set To Go Ahead), however that no longer seems the case as the Bancroft family looks at alternatives.
Related Links
