Dow Jones board to take no action on News Corp. offer
The Dow Jones & Co. board issued a statement late Wednesday stating that it would not take any action regarding News Corp.’s $5 billion offer to purchase the owner of The Wall Street Journal, Barron’s and Marketwatch.
The statement said, “Dow Jones & Company (NYSE:DJ) today announced that a director who is a representative of the Bancroft family, Michael B. Elefante, informed the Dow Jones Board of Directors today that members of the family and the trustees of trusts for their benefit have advised him that they would vote shares constituting approximately 52% of the outstanding voting power of Dow Jones as of May 1st (excluding options) against the proposal submitted by News Corporation to acquire Dow Jones.
“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 statement can be read here.