Dow Jones - News Corp

Dow Jones & Company (DJ)
News Corporation (NWS)
$5.6B Buyout

Entertainment company buys global news service

$60 per DJ share; $5.6B total
DJstock chart

Announced 8.01.07

Closed 12.18.07

Financial

DJ : Goldman Sachs
Bancroft family trusts : Merrill Lynch & Co
NWS : JPMorgan, Allen & Co / Centerview Partners

Legal

DJ : Fried Frank Harris Shriver & Jacobson
Bancroft family : Wachtell Lipton Rosen & Katz
Non-family board : Simpson Thacher & Bartlett
NWS : Skadden Arps Slate Meagher & Flom / Hogan &
Hartson

Merger Agreement

General

EDGAR filing
Hyperlinked version
Detailed hyperlinked index follows

Article I The Contribution and the Merger

1.1 Closing
1.2 The Contribution
1.3 The Merger
1.4 Certificate of Incorporation and Bylaws
1.5 Directors of Ruby and Directors and Officers of the
Surviving Corporation

Article II Conversion of Securities

2.1 Effect on Diamond and Merger Sub Stock
2.2 Diamond Stock Options; Restricted Stock Units;
Contingent Stock Rights
2.3 Exchange of and Payment for Securities
2.4 No Fractional Ruby Newco Class B Units
2.5 Adjustments to Prevent Dilution
2.6 Lost Certificates
2.7 Withholding Rights
2.8 Further Assurances

Article III Diamond Reps

3.1 Organization and Good Standing
3.2 Diamond Subsidiaries
3.3 Capitalization
3.4 Authority; No Violations
3.5 Governmental Approvals and Notices
3.6 Diamond SEC Documents; Financial Statements
3.7 Absence of Certain Changes
3.8 No Undisclosed Liabilities
3.9 Compliance with Applicable Laws
3.10 Litigation
3.11 Taxes
3.12 Pension and Benefit Plans; ERISA
3.13 Labor
3.14 Intellectual Property
3.15 Environmental Matters
3.16 Material Contracts
3.17 Related Party Transactions
3.18 Opinion of Financial Advisor
3.19 Brokers
3.20 Inapplicability of Takeover Statutes
3.21 Proxy Statement; Registration Statement
3.22 Real Estate

Article IV Ruby Reps

4.1 Organization and Good Standing
4.2 Capitalization
4.3 Authority; No Violations
4.4 Governmental Approvals and Notices
4.5 Ruby SEC Documents; Financial Statements
4.6 Litigation
4.7 Ruby Newco; Merger Sub
4.8 Brokers
4.9 Financing
4.10 Proxy Statement; Registration Statement
4.11 Absence of Certain Changes

Article V Covenants

5.1 Conduct of Business of Diamond
5.2 Preparation of Registration Statement and Proxy
Statement; Diamond Stockholder Meeting
5.3 No Solicitation
5.4 Access to Information; Cooperation
5.5 Commitment to Closing
5.6 Tax Matters
5.7 Public Announcements
5.8 Employee Arrangements
5.9 Director and Officer Liability
5.10 Notices of Certain Events
5.11 Editorial Agreement; Special Committee
5.12 Stockholder Litigation
5.13 Delisting
5.14 Ruby Exchange Shares
5.15 Affiliates
5.16 NASD Approval
5.17 Operating Agreement, Internal Agreement

Article VI Conditions Precedent

6.1 Each Party
6.2 Ruby
6.3 Diamond
6.4 Transaction Structure

Article VII Termination

7.1 Termination
7.2 Fees
7.3 Effect of Termination

Article VIII General Provisions

8.1 Nonsurvival of Representations and Warranties
8.2 Notices
8.3 Expenses
8.4 Amendment; Waiver
8.5 Interpretation
8.6 Specific Performance
8.7 Counterparts
8.8 Entire Agreement; Third-Party Beneficiaries
8.9 Assignment
8.10 Severability
8.11 Exhibits; Annexes; Disclosure Letters
8.12 Mutual Drafting
8.13 Governing Law
8.14 Jurisdiction
8.15 Waiver of Trial by Jury

Article IX Certain Definitions

9.1 Certain Definitions

Other Agreements

Voting and support agreement

News Corp, Dow Jones and The Special Committee

Proxy Solicitation

Definitive proxy statement 11.07.07

Table of contents

Preliminary proxy statement 9.07.07

Table of contents

Revised preliminary statement update 10.17.07

Table of contents

Deal Protection

No shop covenant

Merger agreement 5.3

Proxy statement disclosure

Break-up fee

$165mm, plus out-of-pocket expenses
Agreement 7.2

Proxy statement disclosure

Regulatory Approvals

HSR Act

Merger agreement 5.5

Proxy statement disclosure

Fairness Opinion

Goldman Sachs fairness opinion

Proxy statement disclosure

Disclosure

Proxy statement disclosure

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