Bancrofts to meet about Murdoch's offer

Posted by Ben Thalman on May 23, 2007 at 11:23 AM

NEWS CORP./DOW JONES The Bancrofts have been dismissing Rupert Murdoch’s offers to buy the Dow Jones & Co., seemingly uninterested in selling to Murdoch. However, today members of the Bancroft family have planned a meeting to discuss Murdoch's proposal, hinting that there may be some interest.

Many have speculated on Murdoch’s actions after having been stonewalled by the Bancroft family. Some have said that Murdoch might walk away from Dow Jones & Co., failing to raise his offer and having been rebuffed for the last few days.

However, it was revealed that there is to be a meeting between some members of the Bancroft family to discuss the offer. Whether all of the members of the Bancroft family will be represented and whether those present look favourably on the offer is unclear.

The offer made by Murdoch was estimated at $5 billion, or $60 a share, and would give Murdoch’s News Corp. control over Dow Jones & Co.

Although it was reported that only a minority of the Bancroft family was in favour of talks with Murdoch, the dialogue among the Bancrofts is certainly a start.

Source: Reuters, Bloomberg, and bloggingstocks