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Do investors even know what due diligence is?
According to a UK publication, The Business, Murdoch has succeeded with his $5 billion bid for Dow Jones, “according to sources acting for the Dow Jones board.” The first thing that would’ve triggered further due diligence was “U.K.” Don’t get me wrong, I love the UK, I just don’t trust all of the reports that come out of the U.K.
Says the report, the deal has a “legally enforceable” agreement with Murdoch that’s expected to “guarantee the integrity and independence” of The Wall Street Journal.
Dig a bit further with due diligence and you’ll see that a Dow Jones spokesperson has said the report is not true, according to Bloomberg. We used the rumor-laden Business report to buy more puts in Death Cross Trader on Friday. Speculatively, there’s reasonable $15 downside versus $2 upside here pending the outcome.
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