With a deadline to weigh in on News Corp.'s $5 billion offer for Dow Jones fast approaching, the outcome remains far from certain, said CNBC's David Faber.
Dow Jonesshares fell some 7% on Monday after The Wall Street Journal, its flagship paper, reported that News Corp. is "highly unlikely" to proceed with its offer for Dow Jones if News Corp. doesn't receive more support from the Bancroft family. The stock has since rebounded.
"The fall may have had the desired effect," Faber said, "sending a wake-up call to Bancroft family members about what is in store for the stock price of the company they control should they not decide to cede that control."
As of late Sunday, family members holding about 28% of Dow Jones' overall voting power had committed to support the deal. If the tally remains at 28%, News Corp. isn't likely to take the deal to a full Dow Jones shareholder vote given it needs to win 50.1% of the votes cast at any shareholder meeting on the deal.