Deadline looms for Bancrofts
By Leah McBride Mensching, Monday 30 July 2007 at 18:42 :: Media Ownership :: #336 :: rss
The Bancroft family has until 5 p.m. today to present voting agreements on whether to sell Dow Jones & Co. to Rupert Murdoch's News Corporation, which has offered $5 billion, or $60 a share, for the company.
The family, which controls 64 percent of Dow Jones's voting shares, headed into final deliberations over the company's fate yesterday, but a decision is still too close to call. Michael Elefante, the family's lead trustee, indicated to some on the board last night he has slightly less than 30 percent of the overall vote, according to The Wall Street Journal. It is unclear whether News Corp. would proceed with less than that.
News Corp. likely needs family votes representing about 30 percent of the overall vote to succeed, The Wall Street Journal reported Monday. While some members of the Bancroft family have said they will vote in favour of the sale, others say that Murdoch's style would damage the journalistic integrity of Dow Jones's publications, especially The Wall Street Journal, its flagship newspaper.
When Elefante receives the signed voting agreements, he must inform the Dow Jones board of the results.
The Dow Jones board voted earlier this month in favour of Murdoch's takeover bid.
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