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Article

Title: Key Bancroft Aims for a Long Shot

Author: Warren, Susan; Ellison, Sarah; Berman, Dennis K Article Type: Company
Source: Wall Street Journal, v250 n12 pA7(1) Publication Date: Jul 16, 2007
  ISSN: 0193-2241
URL of Publication: http://www.wsj.com

News Corp. continues to pursue its bid for Dow Jones & Company and its flagship newspaper, the Wall Street Journal. Christopher Bancroft, a member of the family that has controlling interest in Dow Jones, has started his own long-shot effort to stop the deal, however. He has approached hedge funds, private-equity firms, and others in an attempt to purchase enough voting shares of Dow Jones to give him the power to stop the sale of the company to Rupert Murdoch's News Corp. Bancroft is a key member of the family, which controls 64 percent of its voting power. Bancroft, his two siblings, his niece, and their children are the beneficiaries of trusts that control some 66 percent of the family's stake in Dow Jones. He wants to purchase more 'super-voting' shares from other Bancroft heirs who share his 'distaste' for giving the family legacy to Murdoch. The super-voting shares give Bancroft family members 10 votes for every one share. Once they are sold, the shares lose their super-voting status, unless they are transferred to other family members. Bancroft would need to get 51 percent of the total votes of the company to block the deal. Bruce Leadbetter, partner with Bancroft in Beta Capital Group, a private-equity firm, has called the effort 'a real long shot,' noting that the time frame for raising the money and making an offer matching that of News Corp. was just a matter of days. News Corp. has bid $60 per share, or $5 billion, for Dow Jones.

Companies:
Dow Jones & Co Inc News Corp

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