Rio Tinto plc's shares were down 2.88% Wednesday to close at $409.37 per share, as investors pulled back following news that the mining company rejected an improved
$147 billion bid from rival BHP Billiton plc, which -- credit crunch be damned -- secured a whopping $55 billion financing package. Meanwhile, the broader market had a slow Wednesday due in part to inflation talk, slipping 65.03 points to close at 12,200.10.
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Riviera Holding Corp. also had a more than slow day, as its shares dropped 5.61% to close at $20.37. Riviera, which operates two casinos in Las Vegas, in May became the the target of Riv Acquisition Holdings, which bid $424 million, or $34 per share.
Cumulus Media, whose stock has moved on speculation surrounding Clear Channel Communications Inc.'s $22.8 billion buyout by Bain Capital LLC and Thomas H. Lee Partners LP, was a bright spot among deal stocks, closing up 3.14% to $6.25 per share. The conditions on the unanimous Federal Communications Commission approval of the Clear Channel deal included that the buyers keep their holding in radio chain Cumulus Media Partners "nonattributable" under FCC rules. Clear Channel fell 1.71% Wednesday to close at $29.25 per share. - Michael Rudnick
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