News Corp. proposal to acquire Dow Jones rejected by majority shareholder

By Lisa Kerner

Charlotte, N.C., May 1 - Dow Jones & Co. majority shareholder the Bancroft family rejected an unsolicited proposal from News Corp. to acquire the company.

The proposal called for News Corps. to acquire Dow Jones' common stock and class B common stock for $60 per share in cash or in a combination of cash and News Corp. securities.

The Bancroft family and its trustees said they would vote their shares, or slightly more than 50% of the company's outstanding voting power, against the proposal, despite the board's willingness to consider the offer.

Dow Jones & Co. is a provider of global business news and information services based in New York.

News Corp. is a New York-based vertically integrated media company.

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