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While the Bancroft family was meeting together yesterday, a New York judge was combining two lawsuits filed by shareholders against Dow Jones & Co. (DJ) in May, which would force the company to sell to Murdoch if the bid is rejected. The lawsuit is seeking class-action status.

It is expected that the family could vote their shares as soon as Wednesday. The board of directors has already recommended that the family, which controls 64 percent of the voting stock, approve the deal.

Michael B. Elefante, the lead Bancroft trustee on the board, said concerning the meeting yesterday, "Today's meeting of Bancroft family members, trustees and advisers was very productive. The family members and trustees now have all the information they need to make informed decisions about the News Corp. (NWS-A)proposal."
 
The longer the process has gone on, the more the weaknesses of Dow Jones has come to light. Analysts and those watching the deal say if the Bancrofts reject the deal, it could be disastrous to the company. They think it would cause the company to drop below the stock price before the bid.

Much of the written opposition of the deal has come from those who would have to compete with a News Corp.-owned Dow Jones. That's the reason Dieter von Holtzbrinck resigned last week from the board, as he owns a German daily financial newspaper that would have to compete against a Murdoch-backed Wall Street Journal Europe.

Of course the New York Times (NYT) is also in fear as Dow Jones could become the media company that starts to determine what news people want to hear and see; something the Times has done for decades. While that influence has been waning for several years, this could put a nail in their coffin; the reason they've been writing so strongly against the deal.

Related Coverage:

http://www.managersrealm.com/2007/07/brad_greenspan_makes_yet_anoth.html

Al Neuharth, USA Today founder: The Wall Street Journal Sale - A "Farce Starring WSJ Reporters, Columnists, Editors and Executives"

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