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
Bancrofts Mull Murdoch Buyout
Co. (AP Photo/Stephan Savoia)   (Associated Press)

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. (More Rupert Murdoch stories.)

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