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July 25, 2008 12:15:17 AM CDT

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Major Bancroft Branch to Nix Murdoch Offer

Posted Jul 27, 07 12:09 PM CDT in US,  Business 

(Newser) – An important faction within the Bancroft family will vote against Rupert Murdoch’s controversial $5 billion deal for Dow Jones, instead demanding a significant increase of his offer. The Denver branch of the family, which owns a crucial 9.1% of Dow Jones voting stock, wants an extra $120 to $240 million to match their higher-valued voting shares, Dow's own WSJ reveals.

An insider from Murdoch’s News Corp. says the company is unwilling to bargain up. The Dow Jones board had rebuffed plans to value shareholder stock differently. The Bancrofts, Dow Jones’ majority voting shareholders, have been locked in tense negotiations this week over whether to accept the takeover—the outcome is still too close too call.

Source Wall Street Journal

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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)
Co. Monday afternoon, July 23, 2007. The Bancroft family owns 25 percent of Dow Jones but controls 64 percent of the shareholder vote through a special class of shares that have 10 votes each, versus...   (Associated Press)
Co. Monday afternoon, July 23, 2007. The Bancroft family owns 25 percent of Dow Jones but controls 64 percent of the shareholder vote through a special class of shares that have 10 votes each, versus...   (Associated Press)
Co. in early May, but last Thursday agreed to meet with him. (AP Photo/Jason DeCrow)   (Associated Press)
Co. in early May, but last Thursday agreed to meet with him. (AP Photo/Jason DeCrow)   (Associated Press)
Co. in early May, but last Thursday agreed to meet with him. (AP Photo/Jason DeCrow)   (Associated Press)
Co. on Monday, meeting with key members of the Bancroft family in person to offer assurances that The Wall Street Journal would continue its long tradition of excellence under his stewardship. (AP Photo/David...   (Associated Press)
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Dow Jones  • business  • Rupert Murdoch  • News Corp  • acquisitions  • Wall Street Journal  • shareholders  • Bancroft family  • takeover



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