Second largest stakeholder in Dow Jones & Co. wants Bancrofts to sell
Chairman and chief investment officer of T. Rowe Price, Brian Rogers, wants the Bancroft family to sell to Rupert Murdoch. T. Rowe Price is the largest stakeholder in Dow Jones & Co. outside of the Bancroft family, with $4.5 million in shares.
Rogers argues that the price offered by Murdoch - $60 per share, representing a premium of 67% - would make his company’s investment a good one. Rogers also says that he doubts that Dow Jones & Co. has a plan to increase the value of the company within this range.
About some of the Bancroft’s reservations, Rogers had to say: “There might be other buyers more palatable to them. But who’s to say Rupert Murdoch is all that bad?”
It shall be seen whether these financial arguments will win over those Bancrofts opposed to the deal.
Source: Financial Times
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