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BtoB

Report says key Bancroft family trust to vote against News Corp. bid for Dow Jones

Published on .

New York—The Denver branch of the Bancroft family is set to vote against News Corp.’s bid to buy Dow Jones & Co. for $5 billion, according to a report Friday afternoon on WSJ.com. The family owns a controlling interest in Dow Jones.

“The Denver trust, which holds 9.1% of Dow Jones’ voting stock, is seen as an important faction within the Bancroft family,” according to WSJ.com. “The trust is seen as a seller, but had been pushing for a higher price.”

The move puts pressure on Rupert Murdoch’s News Corp. to raise its offer of $60 a share for Dow Jones, publisher of The Wall Street Journal. But the WSJ.com article quoted a person familiar with the situation as saying that News Corp. has no intention of raising the price of its offer.

Dow Jones’ board of directors nearly two weeks ago said it would approve the News Corp. deal.

—Matthew Schwartz

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