Bancrofts meet by phone; one not impressed with Murdoch's letter

Matthew Karnitschnig and Stephanie Kang of The Wall Street Journal, in writing about News Corp. CEO Rupert Murdoch’s letter to members of the Bancroft family that control Dow Jones & Co., note that a number of the family members convened on a conference call Monday to discuss News Corp.’s $5 billion offer to buy the Journal’s parent.

They wrote, “Many members of the Bancroft clan convened with advisers on a conference call yesterday afternoon, though no action was taken and no meeting with Mr. Murdoch was called. The letter was sent Friday but wasn’t widely distributed among family members until yesterday morning.

“In the afternoon conference call, family lawyers and representatives for Merrill Lynch & Co., the investment bank advising the Bancrofts, gave a presentation. They discussed what had transpired since News Corp.’s initial offer and the commitments outlined in Mr. Murdoch’s most recent letter, according to people familiar with the call. The family asked a number of questions about the proposals, focusing in particular on the editorial board, but didn’t respond to Mr. Murdoch’s request for a personal meeting.”

Later, they added, “One family member said he was unmoved by the approach, describing Mr. Murdoch’s commitments as ‘the usual stuff.’ The letter appeared to be the third Mr. Murdoch has written to Dow Jones or the family in recent weeks. He made his initial approach in a letter to the board dated April 17, following up on April 26 with a note to Dow Jones Chairman M. Peter McPherson in which he requested a meeting with the family.”

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