Some Bancroft family members want to meet Rupert Murdoch to discuss his $5 billion (€3.7 billion) offer for Dow Jones - but they face stiff opposition from relatives.
Mr Murdoch has been pressing for a meeting with the Bancrofts since they rejected his $60-a-share offer for the media company and its flagship Wall Street Journal nearly two weeks ago. The Bancrofts, with 64.2 per cent of Dow Jones's Class B voting shares, represent the central obstacle between Mr Murdoch and one of the most influential media companies.
Insiders say some of the 35-odd family members vehemently oppose selling to Mr Murdoch at any price. They believe he would harm the journalistic integrity of an institution their family has jealously guarded for more than a century.
However, others have expressed a willingness to at least hear Mr Murdoch's pitch.
"There are a lot of different scenarios out there. You never say no. You can explore things," one Bancroft told the Financial Times, adding that there was an ongoing discussion among the clan about doing so.
About 80 per cent of the Bancrofts' Class B shares, which are held in a series of trusts, voted against Mr Murdoch's first offer.
The Bancrofts do not have to vote as a block, raising the possibility that Mr Murdoch could sway enough members to prevail.
Some Bancrofts who support meeting Mr Murdoch think Dow Jones's lagging performance strained the trusts' ability to support future generations. Yet they also expressed misgivings about Mr Murdoch and worried that meeting him could be seen as a sign that they were set to sell.
News Corp, which declined to comment, has taken a quiet approach since its offer first became public. The company appears to hope that its bid, which represents a 65 per cent premium, will become more appealing as time passes. - ( Financial Times service)
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