Dow Jones' Tender Offer Causes Rift With Telerate Brass

THIS WEEK'S LEAD STORIES

When Warren Phillips, chief executive officer of Dow Jones & Co., said in a letter to Neil Hirsch, president of Telerate Inc., that his company's $18/share tender offer for Telerate shares provided "an exciting opportunity for Telerate's management," he was right. But the excitement Phillips hoped to inspire was not the paroxysm of outrage that has since gripped Telerate's executive suite.

Far from facilitating "even closer and more efficient working relationships in ... the management of th