Dow Jones Sale Nearing Make-or-Break Mark
, E&P, Editor & Publisher
Board members representing the controlling shareholder Bancroft family are meeting Wednesday to assess the status of the sale of Dow Jones -- and whether last-minute proposals from supermarket magnate Ron Burkle and Internet entrepreneur Brad Greenspan are viable alternatives to Rupert Murdoch's $5 billion, $60-per-share offer.
Tuesday evening, the full Dow Jones board met with Burkle and Greenspan to hear their differing offers for the publisher of The Wall Street Journal.
The Street seemed unmoved by the reports, in early morning trading Wednesday sending Dow Jones stock (DJ:NYSE) down 5 cents, or 0.10%, to $57.64.
Burkle -- who entered the sale negotiation at the suggestion of the union representing Wall Street Journal journalists -- reportedly is suggesting a stock ownership plan. Greenspan, for his part, has said he is offering to purchase some of Dow Jones stock at $60 a share, while investing an additional $250 million to expand Internet capabilities.
The Journal, in a report Wednesday by Sarah Ellison, said the Bancroft family negotiators "are dubious about any proposal" from Burkle and Greenspan.
The paper also quotes former Dow Jones CEO Peter Kann as saying looking at any buyer but Murdoch's News Corp. "makes little sense to me." Kann has said he prefers Dow Jones remain independent -- and reject Murdoch's bid -- but that Burkle and Greenspan "know nothing at all about journalism. …