Bancroft Family to Reject News Corp. Offer for Dow Jones

Controls More Than 50% of Voting Power

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NEW YORK (AdAge.com) -- Rupert Murdoch's unsolicited $5 billion bid to buy Dow Jones & Co. has run into the opposition of the Bancroft family, which controls more than half of Dow Jones stock.
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The Bancroft family has said it would voote against Rupert Murdoch's bid for Dow Jones.

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Dow Jones said this afternoon that one of its directors, a representative of the Bancrofts, had told the board members the family and their trustees plan to vote against the proposal from News Corp. The family members who plan to vote against the offer control slightly more than 50% of the outstanding voting power at Dow Jones, the company said. Altogether, the Bancroft family controls about 65% of company stock.

What it could mean
The early bid to stall the deal could mean a few different things -- anything from a desire to maintain the company's independence to concerns over how it would fit with Mr. Murdoch, the company's chairman-CEO.

The opponents also could be hoping to coax a higher bid from News Corp. or other suitors.

Speculation arose earlier today that companies such as The New York Times Co., The Washington Post Co. or Bloomberg might be interested. Spokeswomen for The New York Times Co. and The Washington Post Co. declined to comment; a Bloomberg spokeswoman said there was no truth to the rumor.
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