Bancrofts Meet on Murdoch Bid for Dow Jones

Members of the Bancroft family, which controls Dow Jones, held a private meeting Wednesday to discuss options after a $5 billion bid by Rupert Murdoch'sNews Corp. for the company, the Wall Street Journal reported on its Web site.

CNBC's David Faber, citing sources close to the situation, reported that the meeting began at 10 a.m. New York time. News of the meeting sent Dow Jones shares almost 3% higher .

Some members believe the family should explore the matter further and look into possible alternatives to Murdoch's $60 per share offer for the company, the Journal said, citing unnamed sources.

Not all members of the family were expected to be present at the meeting, according to Faber.

The meeting had no formal agenda but would allow members to debate their ownership strategy, the Journal said.

Most of the Bancroft family, which controls the company with a class of super-voting shares, oppose the deal. Dow Jones's board has said as a result that it would not consider Murdoch's offer.

Murdoch has said in published reports that he wants to meet the Bancrofts as well as employees at the Wall Street Journal.

Bancroft family members have so far not met Murdoch or responded to his request, though a minority of the family is in favor of a dialogue, the paper said.

Representatives for Dow Jones and a lawyer for the Bancroft family could not be reached immediately.