‘A Willingness to Crush Quality and Independence’
Dow Jones has confirmed Rupert Murdoch‘s surprise bid to buy the company, news of which sent DJ stocks soaring:
NEW YORK, May 1, 2007 — Dow Jones & Company (NYSE:DJ) today confirmed that its Board of Directors has received an unsolicited proposal from News Corporation to acquire all of the outstanding shares of Dow Jones common stock and Class B common stock for $60.00 per share in cash, or in a combination of cash and News Corporation securities. The Board of Directors and members and trustees of the Bancroft family, who hold shares representing a majority of the Company’s voting power, are evaluating the proposal. There can be no assurance that this evaluation will lead to any transaction.
Meanwhile, E&P takes the temperature of the Wall Street Journal newsroom facing the prospects of sharing an ownership with the New York Post. Here’s the union rep’s response to Murdoch’s bid:
The staff, from top to bottom, opposes a Rupert Murdoch takeover of Dow Jones & Co. Since the early part of the twentieth century, the Bancroft family has stood up for the independence and quality of The Wall Street Journal and has built it into one of the world’s great newspapers. Mr. Murdoch has shown a willingness to crush quality and independence, and there is no reason to think he would handle Dow Jones or The Journal any differently. Despite our differences of opinion with current management, we strongly encourage the Bancrofts to continue to stand up for the institution’s independence, and to walk away from this offer.