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July 25, 2008 7:10:12 AM CDT

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Bancrofts Agree to Sale

Posted Jul 31, 07 10:22 AM CDT in US,  Business 

(Newser) – Enough members of the Bancroft family are supporting Rupert Murdoch's $5B bid for Dow Jones to seal the deal. The Wall Street Journal reports that 32% of the votes in its parent company are virtually guaranteed to Murdoch's News Corp.; the tycoon will likely be able to pick up the rest from other shareholders.

The consensus hinged on a major Bancroft trust that was swayed to the offer late last night, after Dow Jones agreed to pay firms consulting the family. The News Corp. and Dow Jones boards will each convene this afternoon, and will consider how to proceed. Murdoch has expressed his wish to gather an even more comfortable cushion of support from the Bancrofts.

Source Wall Street Journal

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Co., but there was no word yet Tuesday, July 31, 2007 that he had won over enough of the company's controlling shareholders. (AP Photo/Mark Lennihan, file)   (Associated Press)
Co. Monday, July 23, 2007, in Boston. 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., but there was no word yet Tuesday, July 31, 2007 that he had won over enough of the company's controlling shareholders. (AP Photo/Mark Lennihan)   (Associated Press)
The Wall Street Journal   (Associated Press)
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Dow Jones  • Rupert Murdoch  • Wall Street Journal  • acquisitions  • Bancroft family


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