News Corp. closing in on Dow Jones deal
EmptyNEW YORK -- Rupert Murdoch's News Corp. seems to have reached the home stretch in its quest for Dow Jones & Co.
The Wall Street Journal reported Tuesday that the two sides have finalized a tentative takeover agreement at the $60-per-share price that News Corp. had previously offered.
The Dow Jones board looks set to discuss and vote on the agreement Tuesday, with observers expecting it to give the green light for the sale.
However, the Bancroft family that controls Dow Jones will then also have to review the deal, with the Journal saying a presentation to them is scheduled for Thursday.
The clan, which holds a voting majority over Dow Jones, seems to be divided over a sale, with company director Christopher Bancroft having looked at potentially blocking a sale to Murdoch by buying more shares from other family members.
News Corp. and Bancroft family representatives declined comment Tuesday morning. A Dow Jones spokesman couldn't be reached.