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Murdoch To Secure Dow Jones Takeover
The Bulgarian Post 2007-08-01 09:16:31 Rupert Murdoch's News Corp appears to have won enough backing from members of the Bancroft family and a family trust to secure a takeover of Dow Jones. The report by the Dow Jones-owned daily says Bancroft family members, who control 32 per cent of the board's voting power, have agreed to back News Corp's $US5 billion takeover offer for the company. It also says a key Bancroft trust, managed by a Denver law firm, has changed its mind and decided to throw its voting weight behind News Corp's offer. The Journal says this will be likely to represent sufficient support to ensure Mr Murdoch succeeds in taking over Dow Jones. Such a step would mark a career highlight for Mr Murdoch, who has spent decades building a vast media empire spanning the globe. Winning control of America's most prestigious business newspaper, however, would significantly boost Mr Murdoch's credentials and clout in one of the world's biggest media markets. But a Bancroft family spokesman says the process is still ongoing. "The process of canvassing the Bancroft family members and trustees as to whether they wish to commit their respective shares to the proposed News Corporation transaction is still under way," the spokesman said. "Any suggestion that the process has been completed and or that a particular level of support has been established is at this point premature." |
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