News Corp. CEO Rupert Murdoch, on a conference call Wednesday to discuss his company’s earnings, said his $5 billion offer to acquire Dow Jones & Co., the parent of The Wall Street Journal, Barron’s and Marketwatch, was more than fair.
Peter Loftus of Dow Jones Newswires wrote, “But on a conference call with analysts after News Corp. reported improved quarterly results, Murdoch indicated he still held out hope the Bancroft family would come around to his way of thinking. There has been speculation that the family’s resistance so far could prompt Murdoch to raise his offer.
“‘We made the offer at what we believe is a full and more than fair price because the two companies are a perfect fit,’ Murdoch said Wednesday.
“Murdoch said he would have preferred to negotiate the offer in private, as ‘that was the manner in which we submitted it.’ News of the offer leaked and CNBC first reported it last week.
“News Corp. executives said the company had the capacity to both acquire Dow Jones and continue to repurchase News Corp. shares.
“Murdoch declined to go into great detail about his offer for Dow Jones, saying he wanted to respect the privacy of the Bancroft family as it considers the offer.”
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