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Bancrofts Mull Murdoch Buyout

Final decision on offer expected by end of week
By Dustin Lushing,  Newser Staff
Posted Jul 24, 2007 6:20 AM CDT

(Newser) – The Bancroft family met yesterday in Boston to consider Rupert Murdoch's $5B offer for Dow Jones, but is expected to take at least until Friday to vote on the deal, Reuters reports. Christopher Bancroft, who opposes the sale, showed up sporting a baseball cap with the words "Bite me" on it; he told reporters that the family hadn't reached a consensus.

The three dozen family members, who together control 64% of the vote in the company that owns the Wall Street Journal, were briefed for several hours by financial advisers on the deal, which pegs their shares at $60—a 65% premium over current market value. Then they deliberated in private. Concerns still exist that the Journal's independence won't be adequately protected, one participant told the Journal. (Read more Rupert Murdoch stories.)

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