The Bancroft Family has decided to sell. According to numerous reports
, family shares representing 32% of the company's overall shares have agreed to vote in favor of News Corp's $5 billion offer. The line for solid approval of the deal was reported to be 30%, giving Rupert Murdoch the comfortable margin he desired. That figure means that about half the family's shares went in favor of the deal.
Caveats: There must still be a full shareholder vote to approve the deal. The majority of non-family shares are expected to vote in favor, although technically nothing is final yet. But in all likelihood, the deal is essentially done at this point.
Welcome to the Fox Street Journal. Geraldo's take on stock options backdating, coming up at 11!