Reports are swirling that FedEx Corp. (NYSE: FDX) is considering a buyout of TNT NV, a major Dutch mail and express delivery service firm. As expected, both firms had no comment on the rumors.

TNT, which was founded in the 1700s, is ranked #4 on a global basis, with about $17.3 billion in revenues. The company's platform extends from Europe to Asia to Latin America.

No doubt, this is attractive to the folks at FedEx as the deal would make it #2 in the European express delivery service market. The company indeed needs to find a way to diversify away from its dependence on the currently ailing U.S. market.

But if TNT is in play, there are likely to be other bidders the come to the table, such as United Parcel Service (NYSE: UPS). In other words, we could have a dragged out takeover battle.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

FedEx Corp. (NYSE: FDX)'s dream of entering India's domestic logistics business has failed with the withdrawal of its bid for SafeExpress, one of the largest Indian logistics companies. Had the deal been approved, it would have given FedEx quite a large chunk of the express cargo, third party logistics and warehousing segment.

Instead, FedEx wasn't willing to pay the high price that SafeExpress demanded, sources close to the deal told The Economic Times. SafeExpress founder and managing director Pawan Jain valued his company at Rs2000 crore, nearly $500 million. FedEx was willing to spend up to Rs1800 crore, or $445 million, for the Indian logistics company.

The move hurts FedEx's chances of successfully entering India's domestic logistics segment through a strategic acquisition. Competitors DHL and TNT (OTC: TNTTY) have already been successful in finding a logistics company in India, with DHL acquiring 81% of Blue Dart for Rs 730 crore, or $181 million, in 2004 and TNT's acquisition of Speedage, a division of ARC India last year, for Rs200 crore, or $50 million.

The lack of an acquisition also hurt SafeExpress, after a multitude of regional managers and operational leaders from various divisions have left the company in the past eight months, unsure of the company's future. On the topic of acquisitions, this weekend Barron's said that FedEx themselves could be a private-equity target.

Time Warner Inc. (NYSE: TWX ) has been selected as the "undervalued stock of the month" by Paul Tracy, in his StreetAuthority Market Advisor.

The advisor explains, "We think the company's days as an industry laggard are over and we think the company is well-positioned to leverage its valuable assets and unlock shareholder value in the years ahead."

For those unfamiliar with the company's operations, he explains that Time Warner is the largest media conglomerate on the planet. First, he notes, there is AOL, which has built a powerful network of highly-trafficked web sites. He explains, "Its ubiquitous instant messenger service is used to send 1.8 billion messages every day."

Then, he adds, there is Time Warner Cable Inc. (NYSE: TWC), which has grown to become the nation's number two cable provider with a massive base of 15 million customers -- roughly half of whom have signed up for premium services such as digital video or high-speed internet.

The film business, he points out, includes Warner Brothers and New Line Cinema, and has "raked in billions" in global box office revenues from blockbuster hits like Harry Potter and The Lord of the Rings.

In fact, he says, Warner Brothers is planning to bring the Harry Potter world to life, unveiling plans to collaborate on a new theme park based on the "wildly popular" series.

The familiar "thunk-thunk" sound that separates scenes on NBC's Law & Order may be finding a new, albeit familiar, home. Yesterday, executives negotiating for the new season at NBC -- a division of General Electric Co. (NYSE: GE) -- said Time Warner Inc.'s (NYSE: TWX) TNT is a contender to pick up new episodes of the long-running drama if the Peacock fails to commit.

The beloved procedural, among the first of its kind, is wrapping up its 17th season. However, ratings aren't what they used to be in the Jerry Orbach days, and the program is expensive to produce, at about $4 million an episode. Show creator Dick Wolf said he is weighing cost-cutting options, which could include changing some cast members (that would be nothing new).

TNT is already bedfellows with the drama; it airs repeats of the show, along with episodes of the franchise's spinoffs, Special Victims Unit and Criminal Intent, multiple times each day. According to a story in today's New York Times, NBC Universal Television would continue to produce the program, even if it did move to the cable network.

NBC is scheduled to announce its fall prime-time schedule on Monday. Special Victims Unit, currently the most-watched of the trio, has already been renewed by the network.

Beth Gaston Moon is an analyst at Schaeffer's Investment Research.

TNT's is about to drop yet another original drama series on us. It's called Saved, and AOL products will be integrated into the actual show.

Saved will air Mondays at 10 p.m. starting June 12. The series launches with a commercial-free premiere episode, sponsored by Quizno's and Dodge.

"Our integration with both Saved and [the TNT series] The Closer -- an established hit -- allows us to tap into new audiences and broaden our reach in a unique way," says Richard Taylor, senior vice president of brand marketing for AOL. "We can showcase the value of AOL within the actual storyline, making it relevant to the characters' lives."

According to the press release, Saved focuses on a young, hip, directionless slacker named Wyatt Cole. Cole -- played by Tom Everett Scott (Boiler Room, That Thing You Do) -- kicks around Portland, Oregon, trying to figure out what to do with his life and struggling to live in the shadow of his high-achieving parents.

The hook? He's a paramedic.

The catchphrase? "By saving other people's lives, he will be able to save his own."

I can only imagine how this one is going to work...

SCENE: Burnside Bridge, Downtown Portland. Single-car auto accident. Cole is applying a tourniquet.

Cole: "I can't deal with all these pressures. They've been with me ever since childhood. I mean if only they'd placed PARENTAL CONTROLS on their expectations of me --"

Auto accident victim [suddenly coming back to consciousness]: "You mean like the PARENTAL CONTROLS on AOL?!"