Telerate And Dow Jones Disagree On TTS' Value

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At the heart of Dow Jones & Co.'s tender offer tussle with Telerate Inc. is a difference of opinion over the potential of the Telerate Trading Service (TTS), according to sources close to the deal. TTS is an automated interbank foreign exchange trading system developed by Telerate's Global Transactional Services (GTS) partnership with AT&T.

Dow Jones' $18/share tender offer price for outstanding Telerate shares assumes overall 1990 revenue growth of 12%. Telerate's own estimates are closer to 20%

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