Flip-flop: Denver Trust to Vote for Rupert?
The Wall Street Journal is reporting that the "Denver Trust" has changed their minds and decided to vote for News Corp's $60 per share offer for Dow Jones.
Reports indicate that the Trust, which had been holding out for preferred terms, was swayed to accept the terms once the Dow Jones board decided to create a fund to pay the legal and banking expenses incurred by the Bancrofts. My guess is that seeing the stock slide back to $52 yesterday with no better offer forthcoming also influenced their decision. Had the deal collapsed, the stock would likely trade back down to the $30s and the family would be left with nothing but infighting and ugly lawsuits.
According to the Journal, the votes from at least part of the Denver Trust will provide at least 38% of the family's shares in favor of the deal, which when combined with public shares, should be enough to push Murdoch over the top.
UPDATE: It looks as though Murdoch is getting confident. Here's a sneak preview of tomorrow's WSJ Front page :)
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