A stumbling block has emerged in Rupert Murdoch's bid to purchase Down Jones & Company, owner of the Wall Street Journal
The WSJ reports (subscription req.):
The Denver branch of the Bancroft family, Dow Jones & Co.'s controlling shareholder, is to vote against accepting News Corp.'s $60-a-share offer, putting pressure on News Corp. to raise its offer, according to a person familiar with the situation.
The Denver trust, which holds 9.1% of Dow Jones's voting stock, is seen as an important faction within the Bancroft family. The trust is seen as a seller but had been pushing for a higher price.
News Corp. has no intention of raising the price of its offer, said a person close to the company.
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