Through The Fly's Eyes: Rumor Mill

from Tedd Cohen of Theflyonthewall.com











Rumor Round-up


DOW JONES & COMPANY (DJ)

Could it happen? Could News Corporation (NWS) pull its offer? They could, and the fear is absolutely there. That's why the stock has fallen. For one, the Bancroft family, which controls the majority of Dow Jones' shares, hasn't formally accepted Rupert Murdoch's $5B, $60 a share offer. And no one else has come forward with a competing bid. But it does seem that both sides are moving together in the same direction. Okay, but somebody should make up their mind -- either way -- and stop fiddling around.


EXPEDIA INC (EXPE), IAC/INTERACTIVECORP (IACI)

Barry Diller is back at it. The chairman and CEO of IAC/InteractiveCorp, who is also chairman of the board and a senior advisor to Expedia, is working to take online travel firm Expedia private at $30 a share. Part of any deal will involve Expedia's TripAdvisor being spun off with about 400 jobs being lost in that shuffle.


PENN NATIONAL GAMING INC (PENN)

After many, many laps around the track, this race is over, as race track and casino operator Penn agreed to be acquired today by Fortress Investment Group LLC (NYSE: FIG) and private equity firm Centerbridge Partners. All cash, baby, in a deal worth $8.9B that includes $2.8B of assumed debt. Everyone to the Winner's Circle.



STILL FLYING AROUND


CHAPARREL STEEL COMPANY (CHAP)

As you'll recall, there's been a "for sale" sign out in front of their building since April. The stock's been up, the stock's been down. Now there may be serious interest from at least two rivals: Nucor Corporation (NUE) and Brazil's Gerdau SA ADS (GGB). A share price of $80 is being tossed about.


PDL BIOPHARMA INC (PDLI)

PDLI is one of those companies that is talked about and talked about and nothing ever happens. Then it's talked about some more as it has been of late. Who, oh who, will step to the plate? Maybe one of those "activist" shareholders should name some names.



BUZZ


International Rectifier Corporation (IRF): In case you missed it: A 200% jump in annual earnings growth. Whoa Nellie! Someone is surely licking their chops, and the speculation is there...Google Inc (GOOG): May be making a play for salesforce.com inc (CRM)...Alcoa Inc (AA): Rio Tinto plc (RTP) could make a run at them... USG Corporation (USG): Mr. Buffett, a major stakeholder, is said to be thinking of taking them private...ICICI Bank Limited (IBN): Could HSBC Holdings plc (HBC) see something?