$550m Bid For Dow Jones Markets

Several suitors for Dow Jones & Cos struggling financial information service have made initial bids ranging from $200 million to $550 million, according to Fortune magazine.

Bridge Information Systems has made the highest offer for Dow Jones Markets since the company started accepting preliminary bids in late January, says Fortune in its forthcoming issue.

The magazine released a preview of the issue on Monday as Dow Jones reported a fourth-quarter loss of $889.3 million, mainly on huge charges to write down the value of Dow Jones Markets.

Dow Jones spokesman Richard Tofel would not comment on the Fortune report, reiterating that the company was evaluating all options for the unit. The process continues and no conclusions have been reached, Tofel said.

 

Fortune also reported that William Cox III, outspoken critic and heir of the Bancroft family, which controls Dow Jones, said chief executive Peter Kann and president Ken Burenga should leave the company. Thats the only way this company is going to turn itself around, Cox told the magazine.

A year ago, the magazine first reported the push by Cox and his cousin, Elisabeth Goth, for the company to take dramatic steps to lift its stock price.

Bridges initial bid ranged from $500 million-$550 million, Fortune reported. Other bidders include Cantor Fitzgerald, which offered $350-450 million, and Thompson, which offered $300-350 million. Spokespersons for all three companies declined comment.