News Corp. 'Highly Unlikely' To Buy Dow Jones With Low Bancroft Support
July 30, 2007 at 11:23 AM (PT)
RUPERT MURDOCH's NEWS CORP. said MONDAY that it is "highly unlikely" to move forward with its buyout offer for DOW JONES if the controlling BANCROFT family's support remains at its present 28%-of-voting-power level.
The BANCROFTS are mulling over the $5 billion ($60/share) offer; the family owns 64% of DOW JONES stock and MURDOCH would need about half of the family' votes to make the deal work. BANCROFT family members have been given a 5p ET deadline for voting agreements by lead trustee MICHAEL B. ELEFANTE.