The Bancroft family's 5 p.m. Monday deadline passed with no word about a deal.
Members of the Bancroft family have so far not agreed to sell
to Rupert Murdoch's
, a deal valued at $5 billion, according to
The Wall Street Journal
The Bancroft family, controllers of 64% of Dow Jones' shareholder votes through assorted trusts, continues to be split about the takeover, with some opposing members wanting more money and some wanting guarantees that editorial standards at the
would be upheld.
After hours, Dow Jones shares were recently up 55 cents, or 1.1%, to $52.11 vs. the $60 price that News Corp offered. News Corp. shares were flat at $22.84.
On Monday, Christopher Bancroft, who has veto power over shares representing roughly 15% of Dow Jones votes, after meeting with one of the family's law firms , Hemenway & Barnes, was "unreachable during the hours before the family's deadline," according to sources familiar with the matter, the
A meeting of News Corp.'s board of directors will be held Tuesday to decide about how to proceed, the
Earlier Monday, the paper reported that had the family members, the controlling shareholders of Dow Jones, failed to emerge with more support, News Corp. would
have been "highly unlikely" to proceed with the bid, the
Shares slipped $2.89, or 5.3%, to $51.56 after the report.
In mid-July, Dow Jones
board member Dieter von Holtzbrinck quit, and a majority of Dow Jones' directors recently voted in favor accepting News Corp.'s offer; however, seat holders and family members Christopher Bancroft and Leslie Hill abstained from voting, in a move that amounted to a "no" vote.
Additionally late Monday, Brad Greenspan, MySpace founder, sent an open letter to Dow Jones shareholders about
his revised plan to buy the company.