Continuing Coverage of the Dow Jones Story
In what should be a very spirited meeting, the Bancroft family, majority share holders in the Dow Jones CO. (DJ) will get together on Monday to discusss whether they will sell the company to Rupert Murdoch and News Corp. (NWS-A).
The board of directors has already approved the deal, and now it's in the hands of the Bancrofts to make a decision. The board has effectively protected themselves from shareholders suing them by giving approval and putting the responsibility on the Bancrofts.
Legal counsel for the family, Michael Elefante, who represents the family's trust, will brief them on the deal. Voting members of the family number 35.
If the family does accept the deal, things will be pretty calm, other than everybody dissecting what will happen now that Murdoch would own it.
But if they don't accept, it will be interesting to see how Murdoch responds. Will he just walk away? What would happen at that point would be the revelation of how badly he really wants the company. That's where things could get pretty exciting to watch.
I would be surprised if it was outright rejected, because from a legal standpoint they will have to have a better reason than not liking Murdoch. It can almost be guaranteed that lawsuits will follow if this type of offer is turned down.
With the Bancrofts seeming to be shy about publicity, that would drag the situation out for a long time in the media; something I don't think the family wants.
Related Coverage:
Dow Jones Negotiations Winding Down: Tentative Agreement to be Presented to Bancroft Family
Final Stages of Dow Jones Negotiations May Start this Week - Companies to Meet
Here we go again: Another Bancroft Panics Over Dow Jones Being Bought by Rupert Murdoch
Rupert Murdoch Sends Message will Start Business Channel with or without Dow Jones
Ron Burkle, Brad Greenspan Exploring Purchasing Dow Jones & Co. Together
Rupert Murdoch Bid for Dow Jones Already Saving Them Jobs
Dow Jones says Story about Completed Deal with Murdoch False
Wall Street Journal Editor Supports Dow Jones, News Corp. Agreement
New York Times Article says if Murdoch buys Wall Street Journal, Dark Day for American Democracy
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» Al Neuharth, USA Today founder: The Wall Street Journal Sale - A "Farce Starring WSJ Reporters, Columnists, Editors and Executives" from ManagersRealm
Al Neuharth, the founder of the USA Today had a great opinion piece talking how from his viewpoint the bid by Rupert Murdoch for Dow Jones & Co. has become a joke. If you've been following my postings about the... [Read More]
Tracked on: July 19, 2007 11:38 PM | Permalink to Trackback