News Corp. Makes a Bid for Dow Jones

Jeremy M. Peters, reporting for The New York Times:

After news of the offer was reported this morning on CNBC, shares of Dow Jones leaped 58 percent. News Corp. offered $60 a share in cash for all outstanding stock in Dow Jones — a whopping premium over the $36.33 closing price on Monday. Trading was briefly halted on the New York stock exchange, and the shares were selling above $57 at midday.

A $60/share offer for a stock trading at $36 is quite an audacious move.

★ Tuesday, 1 May 2007