The Dow Jones board would be “prepared to approve and recommend” a “merger agreement” selling the company to News Corp. for $60 per share, according to a statement just issued by the company. More to come.
The vote, which took place at a Tuesday evening board meeting, is a necessary but intermediate step. Next up: the Bancroft family. From the statement: “There can, of course, be no assurance that a level of Bancroft Family support satisfactory to News Corporation will be obtained.” The family is scheduled to meet Thursday to review the offer. Meanwhile, two Bancroft heirs who also are on the DJ board, Christopher Bancroft and Leslie Hill, continue to push for alternatives.
WSJ: “Heading into the meeting, Dow Jones and advisers to the family saw approval as too close to call, said people familiar with the situation. Family advisers estimated that they would need less than half of the family’s voting power — or about 30 percent of the total voting power in the company — to win approval of a deal, because they expected a high number of nonfamily holders would support the transaction.”
Update: News Corp.’s statement: “News Corporation and its Board of Directors are grateful to the Board of Dow Jones & Company for its strong vote of support in favor of our offer to acquire Dow Jones for $60 per share. Dow Jones boasts some of the world