The decision by Dow Jones' board to take no action on the $60 a share takeover bid from Rupert Murdoch's News Corp. might seem to be a blow to Murdoch's chances.
But it's not. In fact, the Dow Jones board has given News Corp. what it needs most: time.
Time to try and win the hearts and minds of the controlling Bancroft family, a vast majority of which doesn't appear supportive of News Corp's bid.
That could change. And Murdoch and his advisors are working hard to do just that. But it's not an easy process. Rounding up various members of the Bancroft family--which includes a teacher, a carpenter, a real estate contractor and farmer among many other professions--is like herding cats.