Report: News Corp. bids for Dow Jones
05/01/2007 | 11:51 PM
NEW YORK - Shares of Dow Jones & Co., publisher of The Wall Street Journal, soared almost 60 percent on Tuesday after the financial news network CNBC reported that Rupert Murdoch's media company News Corp. offered to buy the company for $60 a share.
After opening at $37.12, the shares jumped $20.95. or 58 percent, to $57.28 before being halted on the New York Stock Exchange for news pending. They had traded in a 52-week range of $32.16 to $40.08 before Tuesday's news.
Spokesmen for Dow Jones and News Corp. did not immediately return calls seeking comment.
Dow Jones is controlled by the Bancroft family through a special class of shares and cannot be taken over without their consent. - AP
Realistically though of course we dont expect DJ to go up another $30 Pero pati ako na surprise dito It rare this happens in the US markets (takeover news being delivered during market hours)
They say they will reject the bid pero yung mga shareholders might sue the controlling member (what family was it again?) for not working for the company's benefit. Obviously this is such a favorable offer as far as DJ is concerned.
