A key branch of the Bancroft family plans to vote against accepting News Corp's $5 billion bid for Dow Jones & Co Inc, The Wall Street Journal reported on its Web site on Friday.

Shares of Dow Jones, which publishes The Wall Street Journal, fell more than 2 percent.

The Denver branch of the family, which holds 9.1 percent of Dow Jones's voting stock, supports the deal but wants News Corp. chief Rupert Murdoch to raise his $60 per share bid for the company, the Journal reported citing a person close to the company.

News Corp. has no intention of raising its bid, the Journal reported.

An official at Holme Roberts & Owen LLP, which reportedly administers the trust, declined to comment. A News Corp. spokesman was not immediately available for comment.

Dow Jones shares fell 90 cents to $52.82 on the New York Stock Exchange.

(Reporting by Robert MacMillan)