Bancrofts meet to discuss Murdoch bid for Dow Jones

By Murali Anantharaman and Svea Herbst-Bayliss

BOSTON (Reuters) - Members of the Bancroft family, which controls Dow Jones & Co. Inc. DJ.N, may decide by the end of the week whether to accept a $5 billion offer by Rupert Murdoch's News Corp (NWSa.N: Quote, Profile, Research, Stock Buzz) for the publisher of The Wall Street Journal.

Family members met in Boston on Monday to hear presentations by their advisers on the deal, but have not decided if they will agree to the sale.

Winning over the family, which controls 64 percent of Dow Jones's voting shares, is a major hurdle Murdoch must clear to buy Dow Jones, which has been under Bancroft control for more than a century.

Their decision is far from certain as an undetermined number of Bancrofts oppose the deal, fearing Murdoch would interfere with Dow Jones's news operations to further his business interests.

One prominent shareholder and board member, Christopher Bancroft, is seeking alternatives to Murdoch and could block the bid.

Bancroft, speaking to reporters, said that he expects the family to decide by Friday whether it will recommend selling the company.

"We're still undecided," said Bancroft, wearing a suit and a baseball cap with the words "Bite me" on it. "Everyone has to decide for himself."

Dow Jones Chairman Peter McPherson declined to comment.