It is hard to imagine that the News Corp. (NWS) bid for Dow Jones (DJ) is over. The Bancroft family is apparently going to assume a “just say no” posture towards Rupert Murdoch’s bid for their Dow Jones shares. The question is whether this non-response will be sufficient for all wings of the family and the non-family shareholders.

Sarah Ellison and Dennis K. Berman at WSJ.com succinctly note what we are in store for:

The company’s decision — and the slim margin of the vote — sets the stage for a complicated clash of interests and allegiances, which increases potential tensions between the Bancrofts, Dow Jones’s board of directors and other shareholders eager to sell the company.

Andrew Ross Sorkin at the New York Times notes how the market continues to believe a deal is still likely since Dow Jones’ stock price has not budged on the board’s announcement.

Felix Salmon at Market Movers notes how the Bancroft family’s shares are held (trust or individually) may affect the eventual outcome.

Nat Worden at TheStreet.com notes how the company’s non-response will “raise hackles” on Wall Street where shareholders will be unwilling to see their shares sink back on a non-deal.

Joe Weisenthal at the Stalwart thinks that if nothing else this bid has put the spotlight back on the launch of the Fox Business Channel.

DealBook looks at what the Murdoch might mean for a Wall Street Journal competitor, the Financial Times and its owner Pearson.

John Carney at DealBreaker.com notes speculation that any other bidders will emerge to challenge Murdoch.

Another constituency that may want to see a deal done is Dow Jones executives who could see a big increase in wealth under a transaction, notes Eric Dash at the New York Times.

We would tend to agree with Paul Kedrosky at Infectious Greed on the prospect for a family split and that a higher bid just might get a deal done.

In conclusion it seems difficult to imagine how Dow Jones can simply “say no” to the Murdoch bid without some sort of substantive response. We have yet to hear a proposal that gets Dow Jones stock up to $60 absent a combination. In this day and age leaving billions of dollars on the table (in the cold light of day) is increasingly difficult.

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Please see the Terms & Conditions page for a full disclaimer.