Murdoch 'will not raise Dow Jones bid'
Rupert Murdoch, Chief Executive of News Corp, has said he will not raise his $5 billion (£2.5bn) bid for media group Dow Jones & Co.
The media tycoon says he expects final approval of his offer from the Bancroft family, who currently control Dow Jones, within the next few week.
Mr Murdoch said: "Everything is done. We are just waiting for a final approval of the Bancroft family. The final approval is in the next two, three week's time or not at all".
Earlier this week News Corp and Dow Jones agreed, in principal, on safeguards to the editorial independence of the Dow Jones' news operations.
Murdoch is offering to buy the company for $60 (£30) per share, a 65 per cent premium to Dow Jones' share price before the company's disclosure of the offer in early May.
Nearly 36 Bancroft family members control Dow Jones through a combined ownership of 64 per cent of voting shares.
© Independent Television News Limited 2007. All rights reserved.
Post to Fark
Post to del.icio.us
Digg this story
Post to reddit
Post to Facebook
Post to StumbleUpon
Seed Newsvine
Post to GNN
