Bancroft family to vote against News Corp.'s bid for Dow Jones

Bancroft family, the Dow Jones & Company's controlling shareholders, said Tuesday to vote against News Corporation's 5 billion dollars bid for the company.

Ealier Tuesday, Dow Jones & Company, publisher of The Wall Street Journal announced that it has received a bid from News Corporation to buy the company for about 5 billion dollars, or 60 dollars a share either in cash or a combination of cash and News Corp. stock.

Shares of Dow Jones soared over 50 percent to 20.86 dollars, or 57.42 percent, on the New York Stock Exchange due to the offer.

News Corp. chief executive Rupert Murdoch said on the Fox News later Tuesday there was "plenty of time" to sway the controlling shareholders of Dow Jones & Company.

"It's a generous offer, and we are the sort of people with the same traditions that I think would prove great guardians for the paper," added Murdoch.

Source: Xinhua