Dow Jones on auction block
Published June 3rd, 2007
Shares of Dow Jones & Co., the publisher of the Wall Street Journal, soared Friday after its controlling shareholder, the Bancroft family, put the company on the auction block.
After initially rebuffing an offer from Rupert Murdoch’s News Corp., the Bancroft family said late Thursday that it is ready to meet with the media mogul to discuss his interest in buying Dow Jones.
The Bancrofts also said in a statement that after reviewing Dow Jones and the rapidly changing arena of business news and information in which it operates, “the mission of Dow Jones may be better accomplished in combination or collaboration with another organization, which may include News Corp.”
The news pushed Dow Jones’ shares above Murdoch’s current offering price of $60 per share, indicating that investors expect higher bids. Dow Jones closed at $61.20, up $7.89 or 14.8 percent from its Thursday close of $53.31.
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