Continuing Coverage of the Dow Jones Story
The vote by the Bancrofts could be completed by Monday.
According to a source close to the deal, News Corp. (NWS-A) believes it has the votes to seal the Dow Jones deal when the vote comes, which is expected as early as Monday to be completed. They not only believe they have the votes, but have them comfortably.
Of course it's not over until it's over, so they'll have to save the celebrating until the final word is out. But it is the first time I've heard this positive of an assertion from someone close to the deal. Most have felt it was too close to call. Evidently something changed on the inside.
In one of the more interesting stories of the deal, Bancroft family member Crawford Hill wrote a 4,000 word piece on the Wall Street Journal website encouraging family members to vote for the deal.
More telling, he also blamed them (something we've talked about at managersrealm throughout the process) for the insularity they practiced throughout the years, actually saying they allowed the Dow Jones management to run all over them.
He said in the piece: "We are actually now paying the price for our passivity over the past 25 years.
"This is a tremendous business deal for DJ shareholders and will take the business into the next successful phase in a manner not possible if DJ remains independent," wrote Hill. "Yes . . . it is sad that we have to sell to him . . . but this has been a very long time coming. Evolution does not work overnight. The fact that we still get a premium is a bonus. And it is a helluva premium. Let us remember that this is America and capitalism is good and that, hello . . . We Own a Business."
Very little of business intelligence has come out of the Bancroft camp, so it's good to hear someone in the family talk as if they understand what's really going on.
To suddenly wake up and attempt to show an interest in something they hadn't for decades was simply an impossible task for the family. They have no idea what's going on. And the way some in the media have been leading them around by the nose, they have no understanding of the business they own or how to interact with the process. They've been made to look overall, incompetent, clueless and out or their element, which they are.
No matter which way the deal goes, the media is going to pound the family for the decision. A lot of that is due to the insularity and inability to work in the public spotlight; the very reason the deal was initiated in the first place because of the companies lackluster performance.
Related Coverage:
Bancrofts in Denver Trust Want More Money: Ready to Vote Against Murdoch if Price not Raised
Brad Greenspan Makes Yet Another Proposal to Dow Jones
Bancrofts Meeting Monday to Discuss Selling Dow Jones Co.
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
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» Rupert Murdoch Says He's About Ready to Walk Away from Dow Jones Deal from ManagersRealm
Continuing Coverage of the Dow Jones Story Saying he's about ready to walk away from the Dow Jones & Co. (DJ) bid, Rupert Murdoch says he expects to receive word Monday on the decision.Of course it's a more than reasonable demand,... [Read More]
Tracked on: July 29, 2007 11:14 PM | Permalink to Trackback