Dow Jones' Bancrofts Mull Murdoch's Takover Bid
Members of the Bancroft family met Monday afternoon to discuss a takeover proposal from media mogul Rupert Murdoch and News Corp. but the outcome of those discussions has not yet emerged, reported CNBC's David Faber.
"They may in fact decide to entertain or sit down and meet with Murdoch or perhaps a pair of their own advisors to meet with News Corp.'s advisors -- it is simply not clear," Faber said Monday afternoon. "But we can tell you that the Bancroft family or at least some parts of the family are engaged in the meeting at present and are discussing that News Corp. offer of $60 a share."
Earlier today, details emerged regarding a letter Murdoch recently sent to the Bancrofts, which own a majority interest in newspaper publisher Dow Jones. Murdoch said he will add a family member to News Corp. board should his proposed takeover offer be accepted.
In addition, Murdoch said he would also set up an autonomous editorial board in order to maintain the newspaper's integrity.
Some members of the Bancroft family are interested in meeting with Murdoch to discuss News Corp.'s $5 billion acquisition offer, according to the Financial Times.
The Bancrofts have a 64.2% voting stake in Dow Jones, and while a few of the 35 family members want to meet with Murdoch, others strongly oppose selling at any price, the FT said.
Those in opposition are concerned that Murdoch would interfere with the editorial operations of Dow Jones and hurt the integrity of the Journal, the flagship publication.
