Dow Jones & Co. taking no action on News Corp. USD 5 billion bid

Dow Jones & Co. taking no action on News Corp. USD 5 billion bid

News Corp. just recently made a bid to takeover Dow Jones & Co. The bid was worth around USD 5 billion.

Dow Jones & Co. has now revealed that their board has decided to take no action on this bid made by Rupert Murdoch.

A representative of the Bancroft family had previously informed the board that they would bid against the bid. Their stake in the company stands at around 52 percent of voting power.

The company said this in a statement on their decision: “Approval of a merger under Delaware law requires approval of a majority of the outstanding voting power of the corporation. Accordingly, the Dow Jones Board of Directors has determined to take no action with respect to the proposal.”