Last Friday the Wall Street Journal carried a story on the Boston Globe takeover moves by Jack Welch and Friends. The Globe website carried a small story about the WSJ story on Friday, but somehow the story did not make it into print editions of the Globe (unless I missed it). The WSJ story can be found here (subscription required). Key points: The group is pondering its next move after being rebuffed by New York Times Co., the Globe's parent, on its first proposal, which sought exclusive negotiations regarding a sale. Mr. Welch's group hasn't made a final decision about a bid, and several factors could affect what it does...One possible option is for the group to make an overture to restive shareholders circling New York Times as a way of putting pressure on the company, according to a person close to the situation. The most prominent unhappy shareholder is a Morgan Stanley investment fund, which has been pushing for corporate-governance changes at the company…the investors are undeterred in their efforts to acquire the Globe, these people say. At the same time, Mr. Welch and his partners have been approached by a wide array of Bostonians interested in joining the investor group.
It’s nice to be wanted.
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