By: E&P Staff Dow Jones & Co. announced today that its Board of Directors would take over from the Bancroft family the ongoing review of proposals to buy the company.
A release today stated that the board and members of the Bancroft family, which has a controlling interest in the company, had agreed to the change as "the best way to continue to evaluate the News Corporation proposal to acquire the Company."
While family members apparently agreed to hand over leadership of the review process, the statement "reiterated that any transaction must include appropriate provisions with respect to journalistic and editorial independence and integrity."
The entire statement is posted below.
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Dow Jones & Company (NYSE:DJ) announced today that its Board of Directors and representatives of the Bancroft family have concluded that the best way to continue to evaluate the News Corporation proposal to acquire the Company would be for the Board of Directors to take the lead in addressing all aspects of the proposal and all other strategic alternatives, including remaining independent.
Accordingly, the Board of Directors, including representatives of the Bancroft family, will conduct further discussions with News Corporation relating to the proposal and will oversee the exploration of strategic alternatives. Representatives of the Bancroft family, which owns shares representing a majority of the Company's voting power, reiterated that any transaction must include appropriate provisions with respect to journalistic and editorial independence and integrity.
Any acquisition will require the approval of the Board of Directors and shareholders owning a majority of the Company's voting power. There can be no assurance that any transaction or other corporate action will result from the foregoing or that the Board of Directors or the members of the Bancroft family will support any specific proposal.
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