The Bancroft family, who hold a controlling stake in Dow Jones, owner of The Wall Street Journal, have signalled that they are willing to talk to News Corproation over its $5 billion (£2.5 billion) offer for the group. Earlier this week T Rowe Price, the US fund manager and Dow Jones' second largest shareholder, urged that discussions should take place.

In a statement late last night, the Bancrofts, who hold 64 per cent of the voting shares in Dow Jones, said they would meet News Corporation and any other potential suitors.

The family said that to protect the "editorial independence and integrity" of The Wall Street Journal and "the leadership, strength and vitality" of the paper and Dow Jones' other news services "the family has reached consensus that the mission of Dow Jones may be better accomplished in combination or collaboration with another organisation, which may include News Corporation".

News Corporation, parent company of The Times and Times Online, made a $60 a share offer for Dow Jones on May 1.

On Wednesday, T Rowe Price, which owns a 15 per cent stake in Dow Jones, said that the board of the target company must consider the bid from News Corporation even if the Bancroft family did not endorse the offer.

T Rowe Price said it considered the $60 per share deal on the table as fair, but speculated that News Corporation could raise its bid to secure control of Dow Jones.

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