ConAgra Foods Inc. (CAG, $23.40, -$0.66, -2.74%) gave Ralcorp ($78.41, -$6.73, -7.90%) a Monday deadline to begin negotiations about its $5.2 billion offer for the private-label food company, or else ConAgra will walk away. Ralcorp shares fell as shareholders grew increasingly skeptical that Ralcorp will come to the negotiating table about the a $94-a-share offer.
Dell's ($14.74, +$0.36, +2.50%) board approved a plan for the computer maker to buy back up to $5 billion in stock, or about a fifth of the company's current market value. The new plan comes in addition to the Round Rock, Texas-based computer maker's previous stock buyback plan, which had $2.16 billion remaining of an initial $10 billion authorized four years ago.
Avis Budget Group Inc. (CAR, $12.38, +$0.64, +5.45%) said Wednesday it is dropping its more than year-long effort to acquire Dollar Thrifty Automotive Group Inc. (DTG, $64.31, -$0.39, -0.60%), leaving Hertz ($11.03, +$1.01, +10.08%) as the sole bidder for Dollar Thrifty.
Funds of Oaktree Capital Management LP are stepping up efforts to acquire toy maker Jakks Pacific Inc. (JAKK, $19.73, +$3.73, +23.31%), sending a letter to the company's board Tuesday evening outlining a new proposal and building a stake in the company's stock, people familiar with the matter said. The Oaktree funds are offering $20 a share, a 25% premium to Jakks's Tuesday closing share price of $16, the people said.
Staples Inc.'s (SPLS, $14.61, +$0.52, +3.66%) board authorized a stock repurchase program of up to $1.5 billion of its shares, replacing a 2007 program that had $295 million remaining as of the end of July. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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