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Two and a half weeks ago, Murdoch expected Bancroft approval within two to three weeks, “if at all,” say reports. And as we said on June 28, “if at all” could very well be a precursor to Murdoch’s decision to just walk away – a move that could send Dow Jones shares plummeting to pre-offer prices. The move would even fatten Death Cross Trader reader pockets, as they continue to hold puts.
As for the Ron Burkle-Brad Greenspan proposal, company board members may be meeting with them, but don’t hold your breath for a deal. According to Dow Jones’ CEO, looking at any buyer but Murdoch makes little sense, a statement made before announcing his preference for an independent Dow Jones, and before belittling Burkle and Greenspan as knowing “nothing at all about journalism,” says Editor & Publisher.
I don’t know about this one, folks. The talks have gone on long enough. And the Bancrofts aren’t likely to budge unless perhaps the $60 bid was increased? From the long side, there’s $2 upside. From the short side, the potential double-digit fall looks nice from here with puts in hand.
When all is said, and done, Murdoch will walk. But that’s just my opinion. According to reports, Murdoch is apparently frustrated by Dow Jones’ changing of the minds.
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