Dow Jones says taking no action on News Corp bid

NEW YORK (Reuters) - Dow Jones & Co. said on Wednesday its board decided to take no action on a $5 billion proposal by News Corp. to take the company private.

A representative of the Bancroft family informed the board on Wednesday that they would vote shares constituting about 52 percent of voting power against the News Corp. bid, Dow Jones said.

"Approval of a merger under Delaware law requires approval of a majority of the outstanding voting power of the corporation. Accordingly, the Dow Jones Board of Directors has determined to take no action with respect to the proposal," the company said.

News Corp. was not immediately available for comment.