Bancroft Wrangling Intensifies

As a Monday deadline neared for the Bancroft family to decide on Rupert Murdoch's $5 billion offer for Dow Jones & Co., last-minute wrangling by family members and their trustees intensified.

Family lawyers were scrambling Friday to change the voting structure of the biggest Bancroft trust so it would better reflect the views of all the beneficiaries. The trust's overseers include Christopher Bancroft, a prominent family member who has been outspoken in his opposition to the deal. The restructuring could dilute Mr. Bancroft's influence over the stock now held in the trust.

On Friday, another key family trust seen as an important swing vote was planning to oppose the deal, according to a person familiar with the situation. The trust, overseen by a Denver law firm, holds 9.1% of Dow Jones's voting stock and is seen as a seller but wants a higher price.

Meanwhile, several family members engaged via email in an intense exchange about their legacy, their past stewardship of Dow Jones, and the ramifications of voting against the deal. The family met last Monday in Boston to hear presentations about the deal and have been asked to make a final decision by Monday.
Source : http://online.wsj.com