A couple of updates as time ticks by for a decision by the Bancroft family … WSJ reports that a key Bancroft faction will vote against the News Corp. offer. The Denver branch, which holds 9.1 percent of the voting power via a trust, has been vocal about the idea that supershares are worth more than common stock and that there should be a two-tiered bid. For its part, a person close to News Corp. says the company will not go for the two-tier notion, according the Journal. So far, it’s still take it or leave it.
The question now: Will this faction’s vote sway enough of the others to make a sale impossible? The market’s nervous — stock started dropping as soon as the report came out.