Newspaper wrap-up: Barnes & Noble may bid for Borders
Posted May 21st 2008 8:00AM by Laurie Pasternack
Filed under: Newspapers, Magazines, Yahoo! (YHOO)
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MAJOR PAPERS:
- Barnes & Noble Inc (NYSE: BKS) is considering a bid for rival bookseller Borders Group Inc (NYSE: BGP), the Wall Street Journal reported, a move which would allow Barnes & Noble to improve profits and reduce costs. Antitrust issues could prevent a deal.
- The Wall Street Journal also reported that Carl Icahn's effort to remove Yahoo! Inc's (NASDAQ: YHOO) board has picked up new supporters, including T. Boone Pickens, who acquired a 0.75% stake. Some Yahoo shareholders believe it is still too early to predict whether Icahn will be able to carry July 3's shareholder vote.
- A Financial Times investigation discovered that Moody's Corporation (NYSE: MCO) incorrectly awarded top ratings to billions of dollars to debt products due to an error in its computer models. Moody's said it is in the process of "conducting a thorough review" of the rating of the constant proportion debt obligations, which should have been up to four notches lower.
OTHER PAPERS:
- According to the people briefed on the matter, the New York Times reported that the buyout of Penn National Gaming Inc (NASDAQ: PENN) by Fortress Investment Group (FIG) and Centerbridge Parters may involve revised terms. The sources said the negotiations may "delay or even imperil" the deal.
Tags: barnes, barnes and noble, BarnesAndNoble, BGP, BKS, borders, bordersbooks, Carl Icahn, CarlIcahn, Centerbridge Partners, CenterbridgePartners, FIG, Fortress Investment Group, FortressInvestmentGroup, MCO, moody, moodys, moodyscorp, PENN, penn national, penn national gaming, PennNational, PennNationalGaming, t. boone pickens, T.BoonePickens, yahoo, YHOO
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