Lacking majority shareholder support, Dow Jones board turns down News Corp. bid

By Lisa Kerner

Charlotte, N.C., May 2 - Dow Jones & Co.'s board of directors will not take any action on News Corp.'s proposal to acquire the company for $60.00 per share without the needed support of its majority shareholder, the Bancroft family.

The Bancroft family, with a 52% stake in the company, reiterated through director Michael B. Elefante that the family and its trustees would vote all their shares against the News Corp. proposal.

Dow Jones & Co. is a provider of global business news and information services based in New York.

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