The Bancroft family that controls Dow Jones & Co., the parent of The Wall Street Journal, will meet Monday to discuss whether to vote in favor of, or against, the $5 billion offer from News Corp., writes Sarah Ellison of The Journal for Thursday’s paper.
The Bancroft family controls 64 percent of the votes of shareholders.
Ellison wrote, “Monday’s meeting could be one of the family’s last reunions as owners of Dow Jones. The meeting is expected to include all 35 adult members of the Bancroft family as well as all of the trustees from the numerous family trusts managed by Boston law firm Hemenway & Barnes and other firms. Family adviser Wachtell Lipton and other individual family lawyers and financial advisers are also invited to attend.
“At the meeting, Mr. Elefante is expected to give the family a detailed summary of the process followed by the family’s trustees and Dow Jones advisers to evaluate the News Corp. proposal and explore possible alternatives. Family members, including Ms. Hill and Mr. Bancroft, also will be able to present their views to the family.
“As Dow Jones and News Corp. await the result of the family vote, they are considering candidates for the proposed five-member editorial-oversight board they have agreed will be created to preserve the editorial integrity of Dow Jones publications.”
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