Bancrofts discuss Murdoch's Dow Jones bid

BOSTON, July 23 (UPI) -- Bancroft family members met in Boston Monday to consider whether to sell Wall Street Journal publisher Dow Jones & Co. to News Corp., a published report said.

The family, which has controlled Dow Jones for more than a century, heard a series of presentations by family bankers, trustees and Dow Jones board members before deliberating in private, Dow Jones' Wall Street Journal reported.

The Bancrofts control about 64 percent of Dow Jones voting power, but News Corp. Chairman Rupert Murdoch would probably only need about half their shares to buy the company, the newspaper said.

Most remaining shareholders were believed to be eager to accept Murdoch's $5 billion, $60-a-share offer, 67 percent more than before the bid, the Journal said.

Dow Jones shares closed at $54.69 Monday, down 31 cents or 0.56 percent, on the New York Stock Exchange.

News Corp closed at $24.37, down 8 cents or 0.33 percent.

Family advisers said it was unclear if enough Bancrofts supported the deal to permit a sale.

The Bancrofts have several days to cast their votes on the deal, and it could be next week before the results of the poll are known, the Journal said.