Bancrofts hear arguments, will decide where they stand
By Leah McBride Mensching, Tuesday 24 July 2007 at 22:46 :: Media Ownership :: #312 :: rss
The Bancroft family has heard arguments for and against the sale of Dow Jones & Company to Rupert Murdoch's News Corporation yesterday, and in the next several days will tell their lawyers where they stand on the issue, so that results can be tallied up.
The Bancroft family, which controls a majority of the voting shares, met in Boston yesterday, and has a week to make their decisions.
“It was not acrimonious at all,” Christopher Bancroft, a Dow Jones board member, is quoted as saying by The New York Times as he left the meeting Monday at the Boston Hilton. However, he would not discuss what was said. About two dozen of the Bancroft family members participated in the talks, some of whom traveled to Boston, and others listened in by telephone. The New York Times article stated that “as expected, the family was deeply divided; people close to them said the vote was too close to call.”
Christopher Bancroft and a cousin, Leslie Hill, also a Dow Jones director, spoke against the sale, The New York Times article stated, quoting a person familiar with the deliberations. This person also said the two other people who represent the family on the board, another cousin, Elizabeth Steele, and the family’s chief lawyer, Michael B. Elefante, spoke in favor.
The Dow Jones board voted last week to approve the $5 billion takeover.




Comments
No comment.
Post comment