Categories: OLD Media Moves

T. Rowe Price wants Bancrofts to consider Murdoch offer

T. Rowe Price, the largest institutional investor in Dow Jones & Co. stock, wants the Bancroft family that controls the company to consider the $5 billion offer from News Corp. CEO Rupert Murdoch, according to a Reuters story. Dow Jones is the parent of The Wall Street Journal, Barron’s and Marketwatch.

Megan Davies wrote, “A spokesman for T. Rowe Price told Reuters the offer should be considered, but stressed the firm had not directly appealed to the Bancroft family, which controls 64.2 percent of voting shares.

“‘We’ve said all along that, as long-term investors in Dow Jones stock, we’re gratified that other investors have recognized the value that we always thought was there,’ the press officer said. ‘We think it is a reasonable offer to take under consideration.’

“The Financial Times earlier quoted Brian Rogers, the chairman and chief investment officer of T. Rowe Price saying the offer at $60 was a fairly attractive transaction price.

“‘I find it hard to believe the company itself has a plan to get the shares to $60,’ the Financial Times quoted Rogers saying.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.