Canada's Thomson Corp is in talks to buy Reuters Group Plc for about 8.8 billion pounds ($17.6 billion) to create the world's biggest news and financial data company, the two firms said on Tuesday.
Under the terms of the proposed deal -- which would see Reuters CEO Tom Glocer become chief executive of the combined entity -- Reuters investors would get 352-1/2 pence in cash and 0.16 Thomson stock for each share, worth 697 pence a share at Monday's closing prices, they said in a joint statement.
That would be 42 per cent above Reuters closing share price on Thursday, the day before it announced a bid approach. The deal value is based on the number of outstanding Reuters shares.
Reuters shares leapt around 7 per cent to a 5-year high of 659 pence in early trade.It also comes amid a frenzy of dealmaking in the media sector as the survivors of the economic downturn that followed the bursting of the dot.com bubble look to extend their reach.
Last week Rupert Murdoch's News Corp made a $5 billion bid for Wall Street Journal owner Dow Jones & Co Inc., which was rebuffed by Dow Jones' controlling investors.
Read more in The Times of India article.
Showing posts with label Dow Jones and Co.. Show all posts
Showing posts with label Dow Jones and Co.. Show all posts
Tuesday, May 8, 2007
Thursday, May 3, 2007
Dow Jones says taking no action on News Corp bid
Dow Jones & Co on Wednesday its board decided to take no action on a $5 billion proposal by News Corp to take the company private.A representative of the Bancroft family informed the board on Wednesday that they would vote shares constituting about 52 per cent of voting power against the News Corp bid, Dow Jones said.
"Approval of a merger under Delaware law requires approval of a majority of the outstanding voting power of the corporation. Accordingly, the Dow Jones Board of Directors has determined to take no action with respect to the proposal," the company said.News Corp was not immediately available for comment.
"Approval of a merger under Delaware law requires approval of a majority of the outstanding voting power of the corporation. Accordingly, the Dow Jones Board of Directors has determined to take no action with respect to the proposal," the company said.News Corp was not immediately available for comment.
Wednesday, May 2, 2007
News Corp bids for Dow Jones
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.
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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