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	<title>Observer &#187; Bancrofts Blow 5 p.m. Deadline</title>
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		<title>Observer &#187; Bancrofts Blow 5 p.m. Deadline</title>
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		<title>Bancrofts Blow 5 p.m. Deadline</title>

		<comments>http://observer.com/2007/07/bancrofts-blow-5-pm-deadline/#comments</comments>
		<pubDate>Tue, 31 Jul 2007 00:31:21 -0400</pubDate>
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		<description><![CDATA[<p>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.  </p>
<p>Family advisors and Dow Jones board members tried convincing holdout family members to accept Rupert Murdoch’s $5 billion bid, according to the <a href="http://online.wsj.com/article/SB118581150589982309.html?mod=home_whats_news_us"><em>Wall Street Journal</em></a>. </p>
<p>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 &amp; Barnes in Boston back to Dallas, which pushed back a  5 p.m. meeting with the Dow Jones board&#039;s ad hoc committee </p>
<p>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&#039;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.   </p>
<p>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. </p>
<p>&nbsp;</p>
<p>&nbsp;</p>
]]></description>
		<content:encoded><![CDATA[<p>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.  </p>
<p>Family advisors and Dow Jones board members tried convincing holdout family members to accept Rupert Murdoch’s $5 billion bid, according to the <a href="http://online.wsj.com/article/SB118581150589982309.html?mod=home_whats_news_us"><em>Wall Street Journal</em></a>. </p>
<p>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 &amp; Barnes in Boston back to Dallas, which pushed back a  5 p.m. meeting with the Dow Jones board&#039;s ad hoc committee </p>
<p>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&#039;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.   </p>
<p>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. </p>
<p>&nbsp;</p>
<p>&nbsp;</p>
]]></content:encoded>
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