When the rich want to get back at companies they loathe, they don't need to grab a roll of toilet paper, a crate of eggs, or even a Mafia-procured horse's head. Who needs all that hassle, when they can simply rain on a bidding parade?
MySpace founder Brad Greenspan is heading up a group of investors making an interesting offer to Dow Jones (NYSE:DJ). His group is proposing a Dutch auction tender to acquire a quarter of the company at $60 a pop. His group plans to take a minority stake in the company and enhance its online presence through Greenspan's own Internet endeavors.
Dow Jones clearly needs help marketing its online sites. Marketwatch is doing just fine, but the online homes of Barron's and The Wall Street Journal have wasted too much time as walled-in, subscriber-backed communities.
Greenspan's plan may be on target, but let's not give him a free pass here. He has to be biased. Deep down, his rationale must partly involve keeping News Corp.'s (NYSE:NWS) massive mitts away from Dow Jones.
Want proof? Go to FreeMySpace.com, Greenspan's site ripping the current management of his former site. He launched a public attack on News Corp. last year, claiming that the company stole MySpace for a pittance, failing to consider rival offers made by Viacom (NYSE:VIA) as well his own play for the popular social networking site.
It's becoming sadly evident that those hoisting bidding cards in the Dow Jones auction are simply doing so to upset Rupert Murdoch's media empire. CNBC parent General Electric (NYSE:GE) heads up the most serious threat to News Corp.'s $5 billion buyout offer. Why would CNBC want to keep Dow Jones away from Murdoch? Obviously, it's because News Corp. plans on launching into personal finance to compete against CNBC. Acquiring the old-school brands of Dow Jones would give Murdoch's nascent channel a major boost in credibility.
At this rate, it won't be long before old Murdoch girlfriends, jealous neighbors, and that kid who Murdoch forced to eat worms in the sandlot back in grade school come knocking on Dow Jones' door.
Something tells me that by the time this is all over, envious parties will back off and let Murdoch overpay on his own. After all, an overinflated price tag may wind up being the ultimate revenge.
Longtime Fool contributor Rick Munarriz would make an offer, but he's dirt poor and likes Murdoch. He does not own shares in any of the companies in this story. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.
