Thursday, June 21, 2007
Today the Wall St. Journal has a long front page story on yesterday's announcement that the Dow Jones board was taking over the discussions with Rupert Murdoch about his offer for the company. What is fascinating about the WSJ articles on this subject is trying to figure out who within the company is talking, since the stories give us unusually detailed accounts of conversations within the boardroom. The WSJ reports that on Tuesday the five-member board committee heard an update from Michael Elefante, a director and the Bancroft family's trustee, who reported that the family would soon be sending a proposal to Murdoch. On Wednesday, when the full board heard the update, several independent directors raised questions about their liability if Murdoch withdrew his bid. See WSJ, Dow Jones Board Takes Over Talks On Firm's Future.