Dow Jones & Co 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 per cent 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.
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