Tuesday, May 1, 2007
Rupert Murdoch's News Corp. has made an unsolicited $5 billion offer to buy Dow Jones & Co., the parent of the Wall St. Journal. While reportedly shares representing a majority of the voting power are opposed to the offer, it is not clear if they are opposed to a buyout, a buyout from Murdoch, or the price (which, at $60 per share, is a hefty premium over market). This should get interesting. See WSJ, Murdoch's News Corp. Makes $5 Billion Bid for Dow Jones.
P.S. A WSJ blog also reports heavy unexplained trading in Dow Jones options in recent weeks. See WSJ, A Preannouncement Leak for Traders of Dow Jones Options?