(Corrects to show the family controls 50 percent of the votes)
Dow Jones & Co. said Bancroft family members who control more than 50 percent of the company's voting shares will reject a $5 billion takeover bid by Rupert Murdoch's News Corp. (NWSA:US)
Director Michael B. Elefante told the board of the family's decision, New York-based Dow Jones said today in a statement. News Corp., the third-largest U.S. media company, announced its $60-a-share bid today. The offer was 65 percent above Dow Jones's closing price yesterday and the shares jumped to $57.88.
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