Dow Jones bid falters
Published July 31st, 2007
Rupert Murdoch’s News Corporation has admitted it is now “highly unlikely” it will proceed with its $5bn (£2.5bn) offer for the Dow Jones media group.
It said this was because of the reported present level of opposition from the Bancroft family, which owns 64% of Dow Jones’ voting shares.
With the Bancrofts expected to make a statement later on Tuesday, reports say less than a third are backing the deal.
The news came as Brad Greenspan said he had financial support for a rival bid.
Mr Greenspan, the founder of the MySpace social network, said he had now gained the backing of five investor groups interested in buying a stake in Dow Jones to thwart News Corp’s bid.
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