You might think that a family journalism dynasty would be more conscious of deadlines—but alas, the Bancrofts have already blown News Corp.’s 5 p.m. cutoff.
Family advisors and Dow Jones board members tried convincing holdout family members to accept Rupert Murdoch’s $5 billion bid, according to the Wall Street Journal.
But, apparently, the votes just aren’t there yet. Christopher Bancroft, the most outspoken family member against the deal, was traveling from a meeting with Hemenway & Barnes in Boston back to Dallas, which pushed back a 5 p.m. meeting with the Dow Jones board's ad hoc committee
Earlier today, “a News Corp. spokesman to say yesterday that the company is ‘highly unlikely’ to proceed with its offer for Dow Jones if the proposal doesn't get more support from the Bancroft family.” Recent reports estimate that about 28%—out of the 64% that the family controls—currently supports the bid.
Tomorrow, News Corp.’s board of directors will meet to decide whether to go forward with a full shareholder vote. The amount of family support should greatly impact that decision.