MAJOR PAPERS:

• William Ackman's Pershing Square Capital Management, whose firms holds about 15% of Ceridian Corporation (NYSE: CEN), doesn't like the proposed $5.3B sale of the company to Thomas H. Lee Partners and Fidelity National Financial Inc (NYSE: FNF), and says he's going to find higher bidders, according to the Wall Street Journal.
• The Financial Times reported that British bank Barclays PLC (NYSE: BCS) has drawn up plans to sweeten its $86B all-share offer for Dutch bank ABN Amro Holdings (NYSE: ABN), by substituting cash for some of the shares it is currently offering for ABN.
• Beginning today, Apple Inc (NASDAQ: AAPL) is embedding its iTunes internet music download service in the British and Irish social networking site Bebo, reported the Financial Times.

• The New York Post has learned that a private-equity firm owned by the Dubai government is close to buying Barneys New York from the Jones Apparel Group (NYSE: JNY).
• The New York Times reported that the Wall Street Journal is set to "shake up its newsroom" by reassigning and replacing several top editors.
• Golf equipment maker Callaway Golf Company (NYSE: ELY) is suing Fortune Brands Inc.'s (NYSE: FO) Acushnet Co, for allegedly violating five Callaway patents for golf clubs, reported the Los Angeles Times.

MAJOR PAPERS:

• Barron's Online's (subscription required) "Inside Scoop" column reported that Goldman Sachs Group (NYSE: GS) has raised its stake in RadioShack Corporation (NYSE: RSH), and now owns 12.6% of the company.
• The Wall Street Journal (subscription required) reported that Time Warner Inc's (NYSE: TWX) Warner Bros. is planning to release movies to video-on-demand services at the same time as the DVD launch to see if they can expand one distribution pipeline without harming another.
• The Financial Times (subscription required) reported that General Electric Company (NYSE: GE) is not seeking to acquire Dow Jones and Company Inc (NYSE: DJ), after the collapse of talks between GE's NBC television network and Microsoft Corporation (NASDAQ: MSFT) regarding the possibility of a joint bid for Dow Jones.

• Fidelity Investments, which was the third-largest shareholder in Dow Jones, has sold almost all its shares in the company, which is the target of a $5B takeover by News Corporation (NYSE: NWS), reported the New York Post.

• CNet.com reported that Sony Corporation (NYSE: SNE) will begin selling a line of televisions specifically for Wal-Mart Stores Inc (NYSE: WMT), Target Corporation (NYSE: TGT) and other discount retail chains.

MAJOR PAPERS:

• The Wall Street Journal reported that the Bancroft family, which controls 64% of Dow Jones & Company Inc's (NYSE: DJ) voting power, said that it would meet with News Corporation (NYSE: NWS) to discuss its $5B bid for the company, but would also consider other bidders and options.
• The Wall Street Journal reported that The Coca-Cola Company (NYSE: KO) is attacking their sluggish performance by focusing on their bottler network in 200 countries, a move executives believe is important to the company's long-term health.
• Cadbury Schweppes ADS (NYSE: CSG) may soon announce a cost-cutting exercise worth nearly GBP300M that could feature closure of factories and job cuts, the Financial Times reported.
• Barron's Online's "Inside Scoop" column reported that Michael E. Marks, the chairman of Flextronics International Ltd (NASDAQ: FLEX), a director at SanDisk Corporation (NASDAQ: SNDK) and a new director of Sun Microsystems Inc (NASDAQ: SUNW), has made a $1M investment in Sun, the largest by an insider since August 2004.

• Retail giant Wal-Mart Stores Inc (NYSE: WMT), which has been on an "expansion craze" for decades, has decided to make a gradual slowdown in U.S. store expansion, and may embark on an initiative to return to more basic apparel offerings and an emphasis on low prices, the New York Post reported.

Dow Jones & Co.'s (NYSE: DJ) controlling family, the Bancrofts, is meeting today to discuss the unsolicited takeover bid from Rupert Murdoch, according to the Wall Street Journal [subscription]. This meeting should be short and sweet, but it won't be.

Murdoch's $60 per share offer is about a 67% premium over where the stock currently trades. That's not just a generous offer, it's an insanely high one.

But this deal is about more than money. Murdoch has coveted the Journal for years for good reason. The paper would fit nicely with the rest of News Corp's (NYSE: NWS) assets including the Fox News Channel and The New York Post. Plus, it would give him unparalleled power to set the world's political agenda.

The Bancrofts take pride in owning one of the best newspapers in the country. Without it, they would be just another rich family. I believe their concerns about whether Murdoch's meddling would harm the Journal are justified. But that argument would be more relevant if Dow Jones were a private company.

Unfortunately, Dow Jones has been poorly managed for years and its share price shows it. Even with the recent huge run-up, the stock has dropped more than 9% over the past five years. No one wins in the current situation.

The Bancrofts, though, are in a pickle. If they don't take Murdoch's offer, the share price will plummet, costing them billions. Minority shareholders may sue as well because neither strategic buyers nor private equity players would be willing to pay anywhere near the media mogul is offering.

This offer really is too good to refuse.

MAJOR PAPERS:

• Barron's Online's (subscription required) "Inside Scoop" section reported that Thomas Everist, an MDU Resources Group (NYSE: MDU) board member since 1995, has sold a total of 742K shares for a total of $22.6M in MDU stock since May 2, according SEC data.
• The Wall Street Journal (subscription required) reported that EMI Group (OTC: EMIPY), the third largest music company by sales agreed to sell to Terra Firma Capital Partners for $4.74B, possibly ending its seven year battle with Warner Music Group Corp (NYSE: WMG).

• According to the New York Post, citing people familiar with the situation, the weakening housing market and other issues are making it difficult for Home Depot Inc (NYSE: HD) to sell its professional supply business.
• Discovery Communications is in talks with CBS Corporation (NYSE: CBS) to sell half its Discovery Times channel and form a joint-venture partnership, according to sources close with the situation, reported the Washington Post.

• According to an NDP Group report, April sales of Nintendo's (OTC: NTDOY) Wii consoles were almost 3.5 times higher than Sony Corporation's (NYSE: SNE) PlayStation 3, reported DigiTimes.com.

MAJOR PAPERS:

• Barron's Online's "Weekday Trader" column wrote that the takeover talk in telecom stocks Alltel Corporation (NYSE: AT), Qwest Communications International Inc (NYSE: Q), and Sprint Nextel Corporation (NYSE: S) may be overblown, as the logical acquirers for the companies appear uninterested, according to people familiar with the sector.
• The Wall Street Journal reported that Dolan family, founders of Cablevision Systems Corporation (NYSE: CVC), are on the verge of taking the company private in a deal estimated to be worth about $10.5B.
• The Wall Street Journal's "Heard on the Street" column discussed Rupert Murdoch's $5B play for Dow Jones and Company (NYSE: DJ), saying the Bancroft family may eventually find it difficult not to take Murdoch's offer.

• The U.K. Times has learned that the U.S. Department of Justice is in talks to launch a formal inquiry into "alleged bribery and corruption" at BAE Systems (OTC: BAESY).
• According to a New York Post exclusive, Gap Inc (NYSE: GPS) is considering sizeable layoffs, to reduce expenses at the struggling retailer.

MAJOR PAPERS:

• Barron Online's (subscription required) "Inside Scoop" column reported that Charles R. Schwab sold 800K shares of Charles Schwab Corporation (NASDAQ: SCHW) for nearly $16M this past Friday.
• The Wall Street Journal (subscription required) reported that the human rights organization Human Rights Watch has released a report alleging that Wal-Mart Stores Inc (NYSE: WMT) spied on unions and violated other federal labor laws.
• The Wall Street Journal reported that Carl Icahn took out a full page ad to get the attention of Motorola Inc (NYSE: MOT) shareholders who will vote on board members at Monday's company annual meeting.
• The Financial Times (subscription required) reported that Sony Corporation (NYSE: SNE) Pictures Entertainment has formed a new division for the production of international films.

• According to a New York Post exclusive, Microsoft Corporation (NASDAQ: MSFT) has emerged as a contender to buy Internet ad company 24/7 Real Media Inc (NASDAQ: TFSM), along with ad firm WPP Group (NASDAQ: WPPGY).

MAJOR PAPERS:

• The Wall Street Journal (subscription required) reported that Fred Anderson, the former Apple (NASDAQ: AAPL) CFO, said through his lawyer that Apple CEO Steve Jobs misled him regarding board actions on stock-option awards.
• The Wall Street Journal reported that The Royal Bank of Scotland-led consortium of banks fighting Barclays (NYSE: BCS) in an attempt to acquire ABN Amro (NYSE: ABN) indicated it would pay EUR39 per share, or $98.5B, for the Dutch bank.
• The next CEO of Royal Dutch Shell (NYSE: RDS.A) will probably be promoted from within the company, Royal Dutch Shell chairman Jorma Ollila said yesterday, reported the Financial Times (subscription required).
  

• The New York Times reported that Jarden Corp. (NYSE: JAH) will acquire K2 Inc. (NYSE: KTO) for about $1.2 billion in cash and stock, or $15.50 per share.
• According to a New York Post exclusive, WPP Group (NASDAQ: WPPGY) is among the suitors for 24/7 Real Media, which is on the auction block.
• The U.K. Times has reported that US Airways (NYSE: LCC) has pulled out of a $3.7 billion deal with Airbus, for Boeing (NYSE: BA), which US Air will order 20 to 30 787 Dreamliners from, worth between $3.2 billion and $4.9 billion.

MAJOR PAPERS:

• Vonage Holdings Corp (NYSE: VG) said bankruptcy is one of the potential risks from its continuing patent litigation with phone giant Verizon Communications Inc (NYSE: VZ), reported the Wall Street Journal.
• Blackstone Group is selling Extended Stay Hotels to Lightstone Group for $8B, which beat offers from Fortress Investment Group (NYSE: FIG) and Goldman Sachs Group Inc (NYSE: GS), according to the Wall Street Journal.
• The Wall Street Journal reported that other financial firms such as Countrywide Financial Corporation (NYSE: CFC), CIT Group Inc (NYSE: CIT), iStar Financial (NYSE: SFI), and KeyCorp (NYSE: KEY) may be in play after the sale of Sallie Mae (NYSE: SLM).

• The Telegraph reported that General Electric Company (NYSE: GE) is looking to sell a natural gas power plant in the UK for an estimated GBP450M-GBP500M, with potential buyers including E.ON AG ADS (NYSE: EON) and Scottish Power ADS (NYSE: SPI).
• The New York Post has learned that Heather Pech, a senior Jones Apparel Group Inc (NYSE: JNY) executive that headed the Nine West retail chain, has left the company.

• WNBC.com reported that Research in Motion Limited's (NASDAQ: RIMM) Blackberry service is suffering a massive system failure since last night.

MAJOR PAPERS:

• Morgan Stanley (NYSE: MS) is about to purchase 13 hotels from All Nippon Airways for about $1.2B, doubling the number of hotels the investment bank owns there, reported the Wall Street Journal.
• The Financial Times reported that Apple Inc (NASDAQ: AAPL) announced it would delay shipping its new Leopard operating system until October, due to the summer launch of its iPhone.

• According to the New York Times, citing people briefed on the discussions, Sallie Mae (NYSE: SLM) is in talks to be acquired by private equity for more than $20B.
• The Guardian reported that exiled Russian tycoon Boris Berezovsky is planning the "violent overthrow of [Russian] President Putin".
• The New York Post reported that Dubai is looking at buying Jones Apparel Group Inc's (NYSE: JNY) Barneys New York for $950M. Contrary to previous reports, the suitor is not linked to Qatar's royal family, but is Istithmar, a private equity firm owned by the Dubai government.

• According to sources familiar with the matter, Apple has plans to release new iPods with Wi-Fi, reported DigiTimes.com.

MAJOR PAPERS:

• The Wall Street Journal reported that the list of advertisers defecting from Don Imus's morning TV show on General Electric Company's (NYSE: GE) and Microsoft Corporation's (NASDAQ: MSFT) MSNBC is growing, resulting in NBC Universal pulling the show off the air immediately.

• Sources involved with the process reported that Viacom Inc's (NYSE: VIA) music publishing catalog Famous Music is attracting a lot of interest from major music labels to former music executives backed by private-equity, reported the New York Post.
• France's Thales and American aerospace giant Boeing Company (NYSE: BA) are reportedly looking to make a joint bid for a new $31.7B contract to supply the British Army with 3,000 new medium-weight armored vehicles, reported The Business.
• The Independent reported that scientists have discovered a technique for "pain-free, highly effective chemotherapy," a huge breakthrough in cancer treatment.

• DigiTimes.com reported, citing industry sources, that Powerchip Semiconductor Corporation has lowered its DRAM spot prices almost 15% due to fierce price competition, but the sources noted that the low prices have not been able to stimulate demand in the DRAM market.

MAJOR PAPERS:

• The Wall Street Journal reported that the Nasdaq Stock Market Inc (NASDAQ: NDAQ) is in talks to buy the Philadelphia Stock Exchange, the third largest options exchange in the U.S.
• The Wall Street Journal reported that Kirk Kerkorian wasn't invited to meet this week with DaimlerChrysler AG (NYSE: DCX) as it gets together with bidders for its Chrysler unit.
• Also in the Wall Street Journal, Xstrata will sell its aluminum unit to Apollo Management for $1.5B, higher than expected.

• According to the New York Post, citing sources familiar with the matter, the private-equity firms that bought out Clear Channel Communications Inc (NYSE: CCU), Thomas H. Lee Partners and Bain Capital, are weighing their options as they wait for a "crucial" shareholder vote on the deal, which will come next week.

• According to Barron's Online's "Inside Scoop" column, Carl Icahn's investment groups reported that in the last two weeks they have increased their Motorola Inc (NYSE: MOT) holdings to 69.1M shares, or a 2.9% stake, from 64.9M shares, or a 2.7% stake.
• DigiTimes.com reported that Samsung is reportedly switching capacity from DRAM back to NAND flash.

MAJOR PAPERS:

• On Friday, the Wall Street Journal reported that a number of firms have been eyeing Kroger Co (NYSE: KR) on the expectation that the company will soon begin exploring a leveraged buyout with the help of investment bank Goldman Sachs Group Inc (NYSE: GS).

• The New York Post reported that Warner Music Group Corp (NYSE: WMG) may look to merge with EMI Group plc ADR (OTC: EMIPY) by appealing directly to the music labels shareholders.
• According to the Sunday Express, Dow Chemical Company (NYSE: DOW) is set to receive a bid of $52-$58 per share, valuing the company at $50B, from a consortium of Middle Eastern investors and American buyout firms.
• The U.K. Telegraph reported that the Royal Bank of Scotland is preparing to delay any rival offer for ABN Amro Holdings (NYSE: ABN) until after Barclays plc ADS (NYSE: BCS) reveals its bid for the company.
• From BusinessWeek's "Inside Wall Street" section:
• Oppenheimer oil guru Fadel Gheit says rumors have resurfaced that Exxon Mobil Corporation (NYSE: XOM) may go after oil and gas company Devon Energy Corporation (NYSE: DVN).
• Napco Security Systems Inc (NASDAQ: NSSC) is hoping GatewayX, a new product introduced in January, will spark a rebound.
• Seed and crop-protection company Syngenta AG ADS (NYSE: SYT) looks to have upside ahead, due to brisk demand for corn to make ethanol is boosting farmers' need for Syngenta's products to fight field pests.

MAJOR PAPERS:

• The Wall Street Journal reported that Apollo Management is considering a private sale of 10% of the firm that would raise $1.5B.
• Carl Icahn has offered WCI Communities Inc (NYSE: WCI) $22 a share, 55 cents higher than its closing price yesterday, and equal to $920M, reported the Wall Street Journal.

• The U.K. Times reported that Goldman Sachs Group Inc (NYSE: GS) is set to advise Royal Bank of Scotland on a potential counter-bid of GBP40B or more for ABN Amro Holdings (NYSE: ABN). Other bidders for ABN Amro include Barclays plc ADS (NYSE: BCS), which is currently in exclusive talks with ABN.

• The New York Post has learned that the American Stock Exchange, which is looking at "strategic options," has at least one "high-profile suitor" exploring the possibility of an investment, Susquehanna Investment Group.
• Investor's Business Daily's "The New America" column mentioned U.S. Global Investors Inc (NASDAQ: GROW) positively.

MAJOR PAPERS:

• Highlights from today's Wall Street Journal (subscription required):
• Wal-Mart Stores Inc (NYSE: WMT) saves itself hundreds of millions in taxes through a complex structure that allows it to pay rent to itself.
• Altria Group (NYSE: MO) is expected to decide later this year on its next spinoff, splitting its U.S. business from its International business.
• Nissan Motor Co ADR's (NASDAQ: NSANY) new models may help it catch up to rival automakers, writes the "Heard in Asia" column.
• The Financial Times (subscription required) reported that Dick Parsons said that spinning off Time Warner Cable is a top priority for Time Warner Inc (NYSE: TWX) this year.

• According to the Associated Press, BP plc (NYSE: BP) will sell its U.K. refinery to Petroplus for $1.4B.
• The New York Post reported that Jones Apparel Group (NYSE: JNY) is contemplating breaking up the company, including a possible IPO for its Barney's chain.
• The Business wrote that ExxonMobil (NYSE: XOM) has begun talks to sell a part or all of its French oil business, valued at about $2.6B.