NEW YORK, July 18 (UPI) -- The board of U.S. publisher Dow Jones & Co. approved News Corp.'s $5 billion bid and sent the offer to the controlling Bancroft family for a final vote.
The family is to meet Monday in Boston and will be given several days to consider the deal
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The 16-member board's endorsement of Rupert Murdoch's $60-a-share offer puts pressure on the Bancrofts but doesn't obligate family members -- who have been divided over the bid -- to back the sale
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It is also possible Murdoch could raise his offer at the 11th hour
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Dow Jones Chief Executive Officer Richard Zannino
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Bancroft family member Leslie Hill and Dieter von Holtzbrinck abstained from the vote
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News Corp. said it was "grateful" for the vote.
Family advisers estimated they would need less than half of the family's voting power to win approval of a deal because they expected a high number of non-family holders would support the transaction
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