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UPDATE 1-News Corp board OKs deal to buy Dow Jones-source

Tue Jul 31, 2007 6:48pm EDT

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Mergers & Acquisitions

NEW YORK, July 31 (Reuters) - News Corp.'s NWSa.N board of directors has approved a deal to buy Dow Jones & Co Inc. DJ.N for $5 billion, a source familiar with the matter said on Tuesday.

The board met on Tuesday to consider its $60-per-share offer.

The board vote came after at least 38 percent of Dow Jones's voting shares held by the Bancroft family agreed to support the deal, the source said. The family controls 64 percent of the Dow Jones voting shares.

News Corp., Dow Jones and Bancroft family officials declined to comment. (Reporting by Kenneth Li and Robert MacMillan, editing by Toni Reinhold/Jeffrey Benkoe; Reuters Messaging: robert.macmillan.reuters.com@reuters.net; +1 646-223-6012; e-mail: robert.macmillan@reuters.com.))

Mergers & Acquisitions


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