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Low-Key Lawyer to Moderate Dow Buyout

Attorney will mediate Bancrofts sit-down, then tally the votes

By Heather McPherson,  Newser User

Posted Jul 20, 2007 2:51 PM CDT
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(Newser) – One man stands between News Corp. chief Rupert Murdoch and the Dow Jones-controlling Bancroft Family: a reserved, unassuming Boston lawyer named Michael B. Elefante, who has managed most of the Bancrofts' trust accounts for decades. Next week, beginning with Monday's strictly informational meeting, Elefante will mediate the $5B transaction.

During the infosession at an undisclosed location in Boston, Elefante will moderate between the nearly 50 people who are expected to attend including 35 Bancrofts and their advisers. Then he'll sit down with each family member individually and tally the support and opposition. A formal vote will most likely take place next week.

Co., which is considering a bid to be bought by Rupert Murdoch's News Corp., reported lower second-quarter profits Thursday, July 19, 2007 due to an accounting charge, but revenues and operating income rose. (AP Photo/Seth Wenig, file)
Co., which is considering a bid to be bought by Rupert Murdoch's News Corp., reported lower second-quarter profits Thursday, July 19, 2007 due to an accounting charge, but revenues and operating income...   (Associated Press)
Outside the New York Stock Exchange a businessman consults the Wall Street Journal, whose parent company Dow Jones, Murdoch hopes to acquire. (AP Photo/Mark Lennihan)
Outside the New York Stock Exchange a businessman consults the Wall Street Journal, whose parent company Dow Jones, Murdoch hopes to acquire. (AP Photo/Mark Lennihan)   (Associated Press)
News Corp. chairman and CEO Rupert Murdoch and his wife, Wendi, arrive at the annual Allen and Co.'s media conference Friday, July 13, 2007, in Sun Valley, Idaho. (AP Photo/Douglas C. Pizac)
News Corp. chairman and CEO Rupert Murdoch and his wife, Wendi, arrive at the annual Allen and Co.'s media conference Friday, July 13, 2007, in Sun Valley, Idaho. (AP Photo/Douglas C. Pizac)   (Associated Press)
A businessman consults The Wall Street Journal. As Murdoch negotiates to acquire Dowjones, lawyer Michael Elefante mediates talks behind the scenes. (AP Photo/Mark Lennihan)
A businessman consults The Wall Street Journal. As Murdoch negotiates to acquire Dowjones, lawyer Michael Elefante mediates talks behind the scenes. (AP Photo/Mark Lennihan)   (Associated Press)
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Elefante's bio in the lawyer directory
Hemenway & Barnes

 
Rupert Murdoch • Boston • Dow Jones • Bancroft family • takeovers • Massachusetts • Michael B. Elefante • trusts • buyout • News Corp

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