NEW YORK, July 30 Dow Jones & Co.'s controlling Bancroft family needed about 2 percent more votes to sell the company to Rupert Murdoch, a published report said Monday.
Nearly 28 percent of the approximately 30 percent of the Bancrofts' votes favored the deal late Sunday, Dow Jones's Wall Street Journal reported.
The family had until 5 p.m. EDT Monday to present lead family trustee Michael Elefante with voting agreements to sell shares to Murdoch's News Corp, which has offered $60 a share, or $5 billion, for the company.
The family, which controls 64 percent of Dow Jones's shareholder power, remains deeply divided over the decision, the newspaper said.
After the signed voting agreements are received, Elefante will inform Dow Jones's board of the results.
Common shareholders representing 29 percent of the overall voting shares are expected to vote for the deal, thereby ensuring a majority, the newspaper said.
If the Bancrofts do not present a definitive answer, Dow Jones could initiate a general shareholder vote, The New York Times reported Monday.
A person close to Murdoch said he was comfortable with walking away at this point if the family didn't accept his offer, the Journal said.
Copyright 2007 by UPI
