OLD Media Moves

Denver Bancrofts to vote against News Corp. offer

July 27, 2007

Posted by Chris Roush

Matthew Karnitschnig of The Wall Street Journal writes Friday afternoon that the Bancroft family members based in Denver that control  more than 9 percent of Dow Jones & Co. stock plan to vote against selling the parent of the Journal to News Corp.

Wall Street JournalKarnitschnig wrote, “The Denver trust, which holds 9.1% of Dow Jones’s voting stock, is seen as an important faction within the Bancroft family. The trust is seen as a seller but had been pushing for a higher price.

“News Corp. has no intention of raising the price of its offer, said a person close to the company.

“The Denver trust has been one of the most closely watched among Dow Jones management and News Corp. executives, according to people familiar with the matter. The Bancroft family is divided about whether to accept the offer, with some prominent members arguing strongly against the deal while others are in favor. The outcome has been seen as too close to call, although the Denver trust’s decision increases doubts about the deal’s prospects. Shares of Dow Jones were down 16 cents to $53.55 in afternoon trading.”

Read more here.

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