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Four IPOs are set to make their trading debuts during today's session. For more pricing and underwriting information, check out's

offering and stock action

coverage below.

Mergers, acquisitions and joint ventures

Bank of Scotland

CEO Peter Burt told employees that the Bank lost in its offer for

National Westminster Bank



Royal Bank of Scotland

is expected to prevail as the winner in the takeover battle for NatWest.


(EFX) - Get Equifax Inc. Report

said it entered a $260 million deal to acquire

R.L. Polk

. The transaction calls for Equifax to buy the Direct Marketing, Data Information Services/Polk Verity, Compusearch/Prospects Unlimited of Polk Canada and Polk City Directory units of R.L. Polk.

TheStreet Recommends


(FLS) - Get Flowserve Corporation Report

said it has entered a $775 million cash deal to acquire


(IR) - Get Ingersoll Rand Inc. Report

Ingersoll-Dresser Pumps

. According to Flowerserve, the purchase would either not affect or be slightly dilutive to fiscal 2000 earnings, before contributing to the following year's report.

Williams Communications

(WCG) - Get WellCare Health Plans, Inc. Report

said that it has entered a deal with Canada-based


to broaden its optical network.

Earnings/revenue reports and previews


Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.



(DIS) - Get Walt Disney Company Report

reported first-quarter pro forma earnings after yesterday's close of 25 cents a share, before the retained interest in its Internet portal

(GO) - Get Grocery Outlet Holding Corp. Report

. The result edged out the 16-analyst estimate of 20 cents a share, and the year-ago pro forma 23 cents.

Chairman Michael Eisner said he does not see Disney becoming an Internet/entertainment company like

America Online





, saying Disney is already large enough and has strong enough content.

Meanwhile posted a narrower-than-expected pro forma loss of 30 cents a share, compared with the two-analyst estimate of a loss of 47 cents. The year-ago loss was 12 cents a share.

For more details on's

earnings, see the coverage from's

joint newsroom.

Offerings and stock actions

Hauppauge Digital


said it set a 2-for-1 stock split.

Radiant Systems


said it set a 3-for-2 stock split.

Radio One


said it would file with the

Securities and Exchange Commission

for a 5 million-share secondary offering.



said it set a 2-for-1 stock spilt.



European Commission

said that it would conduct further probes involving


(MSFT) - Get Microsoft Corporation Report

, in addition to its investigation of Windows 2000 anti-trust issues.

For analysis of the market's preopen tone and trends, see the Wake-Up Call, published separately.


Tara Murphy