Dow Jones Deadline Passes - TheStreet

Dow Jones Deadline Passes

The Bancroft family's 5 p.m. Monday deadline came and went.
Publish date:

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

Dow Jones


to Rupert Murdoch's

News Corp.

(NWS) - Get Report

(NWS) - Get Report

, a deal valued at $5 billion, according to

The Wall Street Journal

late Monday.

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.