NEW YORK - Rupert Murdoch's News Corp. made an unsolicited offer yesterday to buy Dow Jones & Co. for $5 billion, but the deal, which would add the
Wall Street Journal
to Murdoch's global media empire, faces doubtful prospects since the controlling shareholders of Dow Jones said they would vote against it.
The offer of $60 per share represents a huge premium of about 65 percent over Dow Jones' closing share price on Monday. However, Dow Jones said yesterday that the Bancroft family, the company's controlling shareholders, said they would reject the deal.
That leaves Murdoch with the option of making a sweeter offer, or it could open the door to other bidders. Murdoch said his company would be "great guardians" of the storied newspaper. "There's plenty of time," Murdoch said. *