Why Facebook's Falling Share Price Really Doesn't Matter
Mark Zuckerberg and Priscilla Chan: A Romantic Facebook TimelineThe board of directors at Dow Jones (NYSE: DJ) has approved a sale of the company to Rupert Murdoch's News Corp (NYSE: NWS). The deal now goes to the founding Bancroft family for approval.
During the meeting two of the Bancrofts abstained and one left the room.
If the family turns the deal down, it will probably face shareholder suits and a need for management to come up with a plan to improve earnings. The stock would almost certainly drop back to the mid-$30s where it traded before.
It was clear that Murdoch would be the company's only alternative when a bid from billionaire Ron Burkle did not materialize. Murdoch has bid too much for any other company to match his offer.
The fate of the company should be sealed in the next few days.
Douglas A. McIntyre
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