wsj_0542.xml

WSJ891030-0159 WSJ891030-0159 = 891030
= 891030
891030-0159 . 891030-0159 . Dow Jones Extends @ Tender Offer for Rest @ Of Telerate to Nov. 6 Dow Jones Extends @ Tender Offer for Rest @ Of Telerate to Nov. 6 10/30/89 10/30/89
10/30/89
WALL STREET JOURNAL ( J ) WALL STREET JOURNAL ( J ) DJ TLR DJ TLR TENDER OFFERS , MERGERS , ACQUISITIONS ( TNM ) MEDIA , PUBLISHING , BROADCASTING , ELECTRONIC PUBLISHING ( MED ) TENDER OFFERS , MERGERS , ACQUISITIONS ( TNM ) MEDIA , PUBLISHING , BROADCASTING , ELECTRONIC PUBLISHING ( MED ) NEW YORK NEW YORK Dow Jones & Co. extended its tender offer of $ 18 a share , or about $ 576 million , for the 33 % of Telerate Inc. that it does n't already own until 5 p.m. EST , Nov. 6 . The offer , which Telerate 's two independent directors have rejected as inadequate , previously had been scheduled to expire at midnight Friday . Dow Jones said it extended the offer to allow shareholders time to review a supplement to the Dow Jones tender offer circular that it mailed last Friday . The supplement contains various information that has been filed with the Securities and Exchange Commission since Dow Jones launched the offer on Sept. 26 , but it does n't change the terms and conditions of the offer except to extend its expiration date . In Delaware Chancery Court litigation , Telerate has criticized Dow Jones for not disclosing that Telerate 's management expects the company 's revenue to increase by 20 % annually , while Dow Jones based its projections of Telerate 's performance on a 12 % revenue growth forecast . In the tender offer supplement , Dow Jones discloses the different growth forecasts but says it views the 20 % growth rate `` as a hoped-for goal '' of Telerate 's management `` and not as a realistic basis on which to project the company 's likely future performance . '' Telerate shares fell 50 cents on Friday to close at $ 20 each in New York Stock Exchange composite trading . Dow Jones shares also fell 50 cents to close at $ 36.125 in Big Board composite trading . Dow Jones has said it believes the $ 18-a-share price is fair to Telerate 's minority shareholders . Late last week , representatives of Dow Jones and Telerate began negotiations about the terms of the offer , but those talks did n't result in any changes in the offer . Telerate provides information about financial markets through an electronic network . Dow Jones , which owns 67 % of Telerate , publishes The Wall Street Journal , Barron 's magazine , community newspapers and operates financial news services and computer data bases .