Dow Jones shareholder sees $60 bid attractive

By Megan Davies

NEW YORK (Reuters) - News Corp.'s $60 a share bid for Dow Jones & Co. Inc. is attractive and should be considered, its largest outside shareholder said on Wednesday.

News Corp., led by Chief Executive Rupert Murdoch, offered to buy Dow Jones for about $5 billion earlier this month, but a representative of the publisher's controlling shareholders said at the time they would vote against the bid.

A spokesman for T. Rowe Price told Reuters the offer should be considered, but stressed the firm had not directly appealed to the Bancroft family, which controls 64.2 percent of voting shares.

"We've said all along that, as long-term investors in Dow Jones stock, we're gratified that other investors have recognized the value that we always thought was there," the press officer said. "We think it is a reasonable offer to take under consideration."

The Financial Times earlier quoted Brian Rogers, the chairman and chief investment officer of T. Rowe Price saying the offer at $60 was a fairly attractive transaction price.

"I find it hard to believe the company itself has a plan to get the shares to $60," the Financial Times quoted Rogers saying.

The firm holds about 15 percent of Dow Jones, according to Reuters data.

Dow Jones shares closed 2 percent higher at $52.85.

The emergence of a major shareholder favoring the sale could influence the outcome of a transaction, said Benchmark Co. analyst Ed Atorino.

"This raises hopes that support for Murdoch is emerging and that could strengthen his case," Atorino said.