M & A Law Prof Blog

Editor: Brian JM Quinn
Boston College Law School

Thursday, May 31, 2007

Dow Jones Board Responds to Bancroft Family Statement

In response to the Bancroft family statement issued yesterday, late last night the Dow Jones board met and issued their own statement.  The relevant part reads: 

Mr. Elefante [has] informed the Board of Directors that representatives of the Bancroft family would be meeting with representatives of News Corporation, including Mr. Rupert Murdoch, solely to discuss the issues related to journalistic integrity raised by the News Corporation proposal to acquire all of the outstanding shares of Dow Jones common stock and Class B common stock. Mr. Elefante advised the Board of Directors that there was no assurance the discussions would lead to a proposal satisfactory to the members of the Bancroft family. Mr. Elefante further indicated to the Board of Directors that all aspects of News Corporation's proposal, including the price and the terms proposed by News Corporation, could be the subject of subsequent negotiation by the Board and the Bancroft family.

In light of this information, the Board of Directors has determined to consider strategic alternatives available to the Company, including the News Corporation proposal. The Board of Directors also indicated that a representative of the Board of Directors would be present at the Bancroft family's discussions with Mr. Murdoch and News Corporation. There can be no assurance that any transaction or other corporate action will result from this exploration of alternatives or that the Board of Directors or the members of the Bancroft family will support any specific proposal received by the Company.

By making this decision and issuing this statement the Dow Jones board is now on the edge of Revlon duties.  Stay tuned. 


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