Exec says controlling Bancroft family ‘has accepted’ $5 billion offer

Rupert Murdock’s News Corp. is expected to reach an agreement to buy Dow Jones and Co. In. on Tuesday evening. It is a $5 billion dollar deal waiting to happen. Murdock’s News Corp. has won the trust of 32 percent of the Dow Jones voting shares which is controlled by the Bancroft family which is enough to be victorious.

Editor and Director of Dow Jones Indexes John Prestbo stated,

“The Bancroft family has accepted”

The Bancroft family owns about 64 percent of Dow Jones voting stock, and is pondering on whether they should accept Murdock’s $60 per share bid which was announced in early May. However, on Monday, a News Corp. spokesman said it was “highly unlikely” to proceed with the offer unless more than a reported 28 percent of the voting shares owned by the Bancroft family supported the deal.

Dow Jones shares were up $5.90 at $57.46 in late morning trading on the New York Stock Exchange (NYSE) and reached a high of $57.50 earlier.

[via reuters]

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