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CHICAGO In the face of opposition to the deal by Bancroft family members, Dow Jones & Co.’s board of directors at its meeting Wednesday decided to take no action on the unsolicited $5 billion takeover proposal by Rupert Murdoch’s News Corp.
“A director who is a representative of the Bancroft family, Michael B. Elefante, informed the Dow Jones board of directors today that members of the family and the trustees of trusts for their benefit have advised him that they would vote shares constituting approximately 52 percent of the outstanding voting power of Dow Jones as of May 1st (excluding options) against the proposal submitted by News Corp.
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