Members of the Bancroft family may decide by the end of the week whether to accept a $5 billion offer for Dow Jones & Co by Rupert Murdoch's News Corp.
Family members met in Boston last night to hear presentations by their advisers on the deal but have not decided if they will agree to the sale of the publisher of the Wall Street Journal.
Winning over the family, which controls 64 per cent of Dow Jones's voting shares, is a major hurdle Mr Murdoch must clear to buy Dow Jones, which has been under Bancroft control for more than a century.
The family's decision is far from certain as an undetermined number of Bancrofts oppose the deal, fearing Mr Murdoch would interfere with Dow Jones's news operations to further his business interests.
One prominent shareholder and board member, Christopher Bancroft, is seeking alternatives to Mr Murdoch and could block the bid.
Mr Bancroft told reporters he expects the family to decide by Friday whether it will recommend selling the company. "We're still undecided. Everyone has to decide for himself."
The family's opposition has cast doubt on what many analysts thought would be a sure thing given Mr Murdoch's offer of $60 per share - a 65 per cent premium to where the stock had traded before the offer was disclosed in May.