The Denver branch of the Bancroft family, Dow Jones & Co.'s controlling shareholder, is to vote against News Corp.'s offer for Dow Jones, reported The Wall Street Journal Friday on its website.
The Denver trust, which holds 9.1 percent of Dow Jones' voting stock is seen as a seller but had been pushing for a higher price.
Dow Jones & Co., publisher of The Wall Street Journal has received the bid from News Corp. in April to buy the company for 5 billion dollars, or 60 dollars a share.
The Bancroft family is divided about whether to accept the offer, with some prominent members arguing strongly against the deal while others are in favor.
The outcome has been seen as too close to call, although the Denver trust's decision increases doubts about the deal's prospects, said the report.
Shares of Dow Jones rose 89 cents, or 1.66 percent, to 54.61 dollars while shares of News Corp. were down 40 cents, or 1.72 percent, to 22.79 dollars on the New York Stock Exchange.
Source: Xinhua
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