It’s finally pretty much almost over. Rupert Murdoch has secured enough Bancroft family shareholder votes to move forward with his $60-a-share, $5bn bid, one future News Corp holding reports.
One day after a Murdoch spokesperson said the deal was “highly unlikely,” the Denver branch of the Bancroft family, previously holding out for a higher offer, capitulated, giving News Corp at least 32% of the family vote. Nonetheless, one Bancroft family spokesperson said today, “Any suggestion that the process has been completed and/or that a particular level of support has been established is at this point premature.”
Both companies have board meetings this evening to formulate the take-over procedure. Dow Jones is trading up 7.04% to $57.50 today.
News Corp. Appears to Have Enough Votes to Clinch Deal [Wall Street Journal]
Murdoch Seen to Win Control of Dow Jones [NY Times]
Posted by Fake Rush Limbaugh , Jul 31, 2007 2:19PM
Does this mean that in the future the Journal will start accepting editorial applications from well known drug abusers?
Can't hear you. Speak up.
Posted by j , Jul 31, 2007 2:29PM
How much time until Murdoch bids for the New York times?
Posted by SDH , Jul 31, 2007 2:34PM
A LOVELY DAY IN MEDIA, ESPECIALLY FOR RUPERT MURDOCH. NOW IF ONLY SUMNER REDSTONE WOULD FUCK OFF.
Posted by j , Jul 31, 2007 2:36PM
How much time until Murdoch bids for the New York times?
Posted by inIT4the$ , Jul 31, 2007 3:39PM
ol' Rupert oughta just go ahead and buy all the newspapers in NYC, Jared Kushner be damned!