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. Shares of Arch Chemicals ( ARJ) surged 12% to $47.04 on news that Swiss company Lonza agreed to buy it for $1.2 billion in cash, creating the world's largest microbial control business . 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) 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 extending its more than $2 billion offer for rival Dollar Thrifty ( DTG) to Aug. 5, from its initially announced expiration date of July 8. The bid consists of $57.60 in cash and 0.8546 a share of Hertz common stock. Hertz's stock traded 3.8% lower at $15.65 and shares of Dollar Thrifty shed 0.4% at $73.64. Dunkin Brands said it plans to sell 22.25 million common shares at an estimated price of $16 to $18 a share in its initial public offering , according to a Securities and Exchange Commission filing. The operator of the Dunkin' Donuts coffee chain has applied to have its shares listed on the Nasdaq under symbol "DNKN." The August crude oil contract shed $1.21 to trade at $94.99 a barrel. Gold for August delivery was up by $7 at $1,549 an ounce. Treasury yields suffered from fears of a euro debt contagion with the benchmark 10-year Treasury rising 26/32, diluting the yield to 2.933%. . -- Written by Chao Deng and Melinda Peer in New York.