Dow Jones board to vote on deal - Murdoch's bid for the Wall Street Journal publisher is to go before the panel tonight. Foes hope to block the sale.

The billionaire media mogul met with Dow Jones Chief Executive Richard Zannino for lunch at the New York headquarters of Murdoch's News Corp. to discuss his offer. They then told their respective subordinates that the deal was on track, people briefed on those conversations said.

The Journal reported late Monday that the deal would be put to the full Dow Jones board tonight for its approval.

The board is likely to back News Corp.'s offer, contingent on getting approval from the extended Bancroft family, which has controlled Dow Jones for more than 100 years.

But even as Zannino and Murdoch moved to discuss the final price and other terms of the transaction, opponents rallied around heir Christopher Bancroft's plan to buy up enough of his relatives' shares to block the deal.

Supporters of the Texas investment manager said he might need little more than $300 million to thwart a sale to Murdoch, a far cry from what the mogul has offered. Dow Jones shares dropped 54 cents Monday to $56.95.

But Bancroft's strategy remained in flux and fraught with risk. Even if several hundred million dollars were committed to the cause, it might not be enough, depending on what legal wording governs which of about 40 trusts that contain the Bancroft family's shares.

In addition, Christopher Bancroft could ratchet up the tension among the three dozen or so adults in the family if a large number demand a payment equal to Murdoch's offer of $60 a share. It is unlikely that Bancroft would have the money to accommodate all of them.

If Bancroft succeeds in getting the shares and blocking the sale, the value of the stock is likely to plummet by as much as two-thirds, to where the shares traded before Murdoch's bid, because traders have been anticipating a deal at the Murdoch offer price. That is why hedge funds and others have been reluctant to lend Bancroft the money he needs for the gambit.

"It seems like a formula for a lot of unhappy people," said an advisor for another party in the intrigue.

But Bancroft is expanding his discussions with others, including Los Angeles Internet entrepreneur Brad Greenspan, who previously joined billionaire supermarket king Ron Burkle in floating a plan to buy back some of the Dow Jones shares owned by family members. Burkle has been advising a union representing many Dow Jones journalists.