Dow Jones & Co, publisher of The Wall Street Journal, said on Tuesday it has received an unsolicited bid from News Corp to buy the firm for $60 per share, or $5 billion. Shares of the financial news publishing company soared after the reported news of offer on Tuesday.
Dow Jones said in a statement that its board had received the proposal from News Corp to buy the company with either cash or a combination of cash and News Corp stock. Dow Jones is controlled by the Bancroft family through a special class of shares and cannot be taken over without their consent. The company said its board and members of the Bancroft family were evaluating the proposal, and that there was no assurance it would lead to a transaction.
Read more in the Times of India article.
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