The Bancroft family's rejection of Rupert Murdoch's $5 billion offer for Dow Jones set the stage yesterday for a battle with other shareholders and the board of directors—as well as within the family itself. Without the family's controlling votes, the board would likely jump at the offer, a 67% premium over the company's closing price Monday.
And Murdoch might be ideally suited to exploit these tensions, the Wall Street Journal notes. The Bancroft clan is large and far-flung, and there are generational rifts, with younger members who might be swayed by a sweetened offer. Family members who want to hold out could also buy out those who don't. Murdoch hopes to meet with family members in coming weeks.