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Murdoch bid okayed by Dow Jones board
Calcutta News.Net
Wednesday 18th July, 2007 (BigNewsNetwork.com)
The Dow Jones board in the U.S has accepted, in principle, a US$5.7 billion takeover bid by Rupert Murdoch's News Corporation.
Dow Jones has confirmed it would be prepared to approve and recommend to the Dow Jones stockholders the agreement between the two parties.
During the vote, two directors abstained and one member, Chris Bancroft, of the family that holds a controlling voting stake in Dow Jones, purposely left the meeting early.
Mr Bancroft still opposes the sale to News Corp.
Mr Murdoch must now win over the Bancroft stakeholders, since any prospective deal requires the family's ultimate approval.
The deal is expected to be presented to the Bancrofts at a meeting on Thursday
It remains uncertain whether the Bancroft family will eventually back the Murdoch deal as some are divided over the takeover.
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