Magazine article Editor & Publisher

UPDATE: More Surprises in DowJones/Murdoch Saga

Magazine article Editor & Publisher

UPDATE: More Surprises in DowJones/Murdoch Saga

Article excerpt

The Wall Street Journal is reporting this afternoon that the Denver outpost of the Bancroft family, Dow Jones & Co.'s controlling shareholder, "is to vote against accepting News Corp.'s $60 a share offer, putting pressure on News Corp. to raise its offer, according to a person familiar with the situation."

However, News Corp. chief Rupert Murdoch has indicated in the past that he would not hike the offer.

Later in the day, The New York Times, reported, William C. Cox Jr., one of the Bancroft family elders, "has switched positions, and now favors selling the company to Rupert Murdoch's News Corporation, a person close to the family said yesterday."

The paper also said that there is a move afoot for trustees to cast their own votes individually and not as a "block." This seems aimed at Christopher Bancroft, the most outspoken of the family against the Murdoch deal.

Family trustees are set to vote early next week.

The Journal had reported: "The Denver trust, which holds 9.1% of Dow Jones's voting stock, is seen as an important faction within the Bancroft family," the Journal article observes. …

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