Solectron (SLR) agrees to be acquired by Flextronics International (FLEX) in a $3.6 billion deal. Terms: 0.3450 FLEX share or $3.89 cash per SLR share (but not a combination), subject to limitation.
Palm Inc. (PALM) is in a recapitalization deal with Elevation Partners. Palm shareholders will get $9 per share in cash distribution. Elevation plans to invest $325 million in Palm. S&P upgrades Palm to hold from sell.
Wal-Mart Stores (WMT) rises after HSBC upgrades to overweight from neutral and JP Morgan upgrades to overweight from neutral. On Friday, the company set a $15 billion stock buyback and plans to moderate growth of U.S. Supercenters.
Cholestech (CTEC) agrees to be acquired by Inverness Medical Innovations (IMA). Terms: 0.43642 share of IMA for each CTEC share held.
Sonesta International Hotels (SNSTA) reportedly hires Goldman Sachs to assist in a review of strategic options.
Dow Jones & Co. (DJ) is meeting with News Corp. (NWS) about its $5 billion ($60 per share) offer for Dow Jones. While News Corp. may accede to tighter controls on editorial independence to win Dow Jones , Murdoch made clear he wouldn't yield to what may be a key demand: that the Bancroft family control any editorial oversight board, according to The Wall Street Journal.
Dominion Resources (D) agrees to sell most of its U.S. onshore natural gas, oil exploration, production ops in two separate transactions for a total of about $6.5 billion. It sees 2008 operating EPS of $6.00 or more.
Onyx Pharmaceuticals (ONXX) and Bayer's HealthCare Pharmaceuticals unit announce Nexavar tablets significantly extended overall survival in patients with hepatocellular carcinoma, or primary liver cancer, versus those taking placebo by 44%.
Apple (AAPL) confirms that the iPhone will be available June 29. S&P reiterates buy.
Digene (DIGE) agrees to be acquired by Qiagen (QGEN). Terms: either $61.25 in cash or 3.545 QGEN shares per DIGE share.
Accredited Home Lenders (LEND) agrees to be acquired by Lone Star Fund V L.P. in an all-cash deal valued at about $400 million. Terms: $15.10 cash per LEND share.
UTStarcom (UTSI) says a special committee concludes its previously announced assessment of strategic alternatives; it will move forward with the company as it exists today. It announces the departure of Ying Wu, CEO of UTStarcom China.
TPG and Silver Lake were in the lead to acquire Avaya (AV) for about $17 a share, reflecting private equity's continued power, according to The Wall Street Journal.
Health Care Property (HCP) agrees to acquire Slough Estates USA Inc. for $2.9 billion in cash, including the assumption or refinancing of about $1.2 billion of SEUSA's outstanding debt.
Hearst-Argyle Television (HTV) and Google's (GOOG) YouTube announce agreement to distribute AND monetize select HTV television content with Google and YouTube.
Agilysys (AGYS) agrees to acquire InfoGenesis, a privately held independent software vendor with about $42 million in annual revenues, for $90 million which will funded by cash on hand.
Laureate Education (LAUR) accepts increased offer from investor group led by Douglas L. Becker, LAUR's chairman and CEO, to acquire the company for $62.00 per share in cash, for an aggregate value of $3.82 billion.