Rupert Murdoch is never put off by an initial rebuff when bidding for a company. That's the major lesson of almost every major acquisition throughout his career, from his earliest days as a putative newspaper mogul in Australia and Britain to his buccaneering entry into the US media market. In the end, he almost always gets what he wants.
His stalking of Dow Jones is therefore assuming a familiar pattern and it suggests to me that he will pull it off, despite the sceptics who have argued otherwise. The turning point, surely, was his "constructive" meeting with the Bancrofts, the extended family that owns 64% of the voting power. Again, experience shows that once Murdoch meets supposedly hard-faced rivals face-to-face and turns on that boyish charm - yes, even at 76 he can do it - then success usually follows.
So the really constructive bit of yesterday's four-hour meeting was that it happened at all. Some of the Wall Street Journal's journalists may be hostile, but that won't trouble Murdoch. Nor, it would appear from the WSJ report of the Murdoch-Bancroft meeting, does the prospect alarm every staff member. The report was noticeably devoid of criticism.
It noted that the session "lasted longer than many close to the process expected" and asserted that "a person close to" Murdoch was "encouraged about the prospects for a deal" though it was also acknowleged that "both sides need to take time to bridge their differences." I read this as a very positive development for Murdoch's News Corp. The report also referred to "people close to the family" who said that "the two sides are expected to reconvene shortly." Again, that's a plus for Murdoch.
There was yet more in the WSJ report that suggests a deal will eventually be sealed because the Bancroft family's chief concerns are not about the $5bn (£2.5bn) cash offer, but about the nature of the independent board that Murdoch has proposed to protect editorial independence. Evidently, the Bancrofts had prepared a presentation about their philosophy of independence. But Murdoch will surely manage to come up with some acceptable structure. He has done it before - at The Times - and, despite complaints about that charade, will find some way to overcome the obstacle.
As the days pass you can sense the Bancrofts gradually bending to Rupert's will. I am certain that he will triumph.
