Dow Jones Raises Stake In Telerate To 56 Percent With $300 Million Block Purchase
THIS MONTH'S LEAD STORIES
Dow Jones & Co.'s interest in Telerate, Inc. crept over the 50 percent mark with its $300 million acquisition of a five million share block from Forstmann-Leff Associates, Inc. The $57.50/share price shocked some observers, but by paying it, Dow Jones boosted its stake to almost 56 percent of Telerate's common shares.
Despite its valuation of Telerate at $2.7 billion, $57.50 is "not an outrageous price," says Andrew Wallach, an analyst at Drexel Burnham Lambert, Inc. "It's really in the realm of
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