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May 08, 2007 67% - the magic number?
Speculation is running rampant on the Murdoch - Dow Jones deal. Will the family reject the offer? Can they reject the offer and not get sued? Why would anyone in their right mind offer such a premium?Interestingly enough, when we think about the buying power of the private equity world, the old adage "step up to the plate" frankly may be the only way to close this deal for Murdoch. A bidding war with a few powerful private equity firms with access to excessive debt appears to be pre-empted with a 67% premium. That's one way to win a bidding war. Is that really what it's going to take for a strategic buyer to guarantee a win in today's market?
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