News Corporation reached a tentative agreement for the purchase of Dow Jones & Company at its original 5-billion-dollar offer price, said The Wall Street Journal Tuesday on its website.
The deal will be put to the full Dow Jones board Tuesday evening for its approval, people familiar with the situation was quoted as saying.
Negotiators from News Corp. and Dow Jones reached the agreement on Monday in principle on a deal first proposed by News Corp. in mid-April, said the Journal.
News Corporation has proposed to buy Dow Jones for about 5 billion dollars, or 60 dollars a share, which represented a 67-percent premium to where the Dow Jones stock was trading before news of the offer was made public, either in cash or a combination of cash and News Corp. stock.
The deal still faces its biggest hurdle, getting approval from the Bancroft family, which controls 64 percent of Dow Jones's voting power.
Michael B. Elefante, the Bancroft family's lead trustee, has scheduled a meeting for Thursday at which he would present the agreement to all Bancroft family members before asking for their final vote, according to the Journal.
Source: Xinhua
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