A month after Rupert Murdoch’s $5bn offer for Dow Jones, the company’s directors have so far been largely absent from the drama. But the board could soon be drawn into a more prominent – and potentially perilous – role under a number of scenarios.

Their deliberations will take place amid scrutiny from hedge funds that snapped up Dow Jones shares after News Corp’s approach, and may turn hostile if the company does not conclude a deal they like.