Now it’s in the family’s hands. According to the New York Times, several generations of Bancrofts are holed up in a conference room at the Boston Hilton listening to platoon of advisors lay out their options:
Option 1: Take Murdoch’s $60 a share, pocket the amazing windfall the offer has produced out of thin air, and pray that Murdoch doesn’t transform the Journal into a smut-rag while anyone still remembers that you sold it to him (approx. 17 minutes).
Option 2: Continue to tell yourselves that you are “stewards of a public trust” instead of “inheritors of some stock in a struggling business,” reject offer, watch stock plummet, and somehow survive on $2 million a year.
Vote reportedly too close to call… Richard Perez-Pena, New York Times