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July 9, 2008 10:58:47 AM CDT

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Bancrofts Seek to Stymie Murdoch

Posted Jul 16, 07 7:37 AM CDT in Business,  US    Editor's Choice

(Newser) – Two members of the Dow Jones-controlling Bancrofts are making last-ditch efforts to block Rupert Murdoch from buying the Wall Street Journal publisher. Christopher Bancroft is frantically trying to gather the $2.55 billion he'd need to buy 51% of voting shares and block the sale on his own, while his cousin Leslie Hill is desperately soliciting competing bids.

Hill's plan is more likely to succeed because of the wide interest in the Journal, though it will be difficult to match Murdoch's $60 bil bid. The cousins are working independently, highlighting one of the many divides that have surfaced between family members in the last few months, the Journal itself reports.

Source Wall Street Journal

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Rupert Murdoch   (Associated Press)
Rupert Murdoch   (Associated Press)
News Corp.'s Rupert Murdoch and his wife, Wendi Deng, arrive for the annual Allen and Co.'s media conference Wednesday, July 11, 2007, in Sun Valley, Idaho. (AP Photo/Douglas C. Pizac)   (Associated Press)
Dow Jones   (Associated Press)
Rupert Murdoch   (Associated Press)
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