What should Dow Jones say to Murdoch's offer?

As pundits debate the likely outcome of Murdoch's offer for the Dow Jones (NYSE: DJ) company, I thought I'd take a peak at the company's Principles of Corporate Governance: "The principal duty of the Board of Directors and management of Dow Jones & Company is to assure that the Company is well-managed in the interests of its shareholders."

But right after that, there's this: "Dow Jones seeks to protect and preserve the quality, independence and integrity of its products and services, including The Wall Street Journal, on which the Company's long-term prosperity and public mission depend."

This is where it gets confusing because those two stated goals may be in direct contradiction with each other as the company considers News Corp's (NYSE: NWS) bid. Is Murdoch's offer good for shareholders? Well he offered a premium of about 65%, which sent the stock to the highest level it's been at since early 2001 -- so unless the board can find a better offer, it's hard to turn it down on the ground that it's not in the best interest of shareholders.

But what about the "quality, independence and integrity of its products and services?" Well becoming part of News Corp certainly wouldn't be great for its independence.

So it appears that the company, and the Bancroft family, may have to choose which principle of corporate governance to follow here. More likely though, the Bancroft family will do whatever it feels like since their holding give them total control here.