In merger news, International Paper (IP) announced a tender offer for Temple-Inland (TIN) of $30.60 per share in cash, a 46% premium to where Temple's shares traded at before the first unsolicited bid in June. The target's stock rose 0.5% to $30.70 after the market close.
(ARJ) surged 12% to $47.04 on news that Swiss company
Australian mining company Macarthur Coal said it received a takeover proposal from Peabody Energy (BTU) and ArcelorMittal (MT) valued at roughly $5 billion. Macarthur is the world's largest producer of pulverized coal product that is used to make steel. Peabody's stock was losing 3.4% at $57.94 and shares of ArcelorMittal dropped 3.8% to $33.09.
Shares of News Corp. (NWSA - Get Report) slipped 7% to $15.59 as U.K. competition regulators prepared to review the media company's 7.8 billion-pound ($12.4 billion) offer to take complete control of the British Sky Broadcasting Group amid investigations into a phone-hacking scandal at News Corp'.s now-defunct tabloid, News of the World.Car-rental company Hertz (HTZ) is