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Microsoft Inc.- Yahoo Corp. Microsoft Corp. said Saturday it would end its quest to acquire Yahoo! Inc., sending Yahoo! shares tumbling 17% to $23.92 on Monday. The news came after Microsoft had reportedly raised its offer to $33 a share, valuing the deal at $47.5 billion. In a letter Saturday to Yahoo! CEO Jerry Yang, Microsoft's CEO Steven A. Ballmer said, "Despite our best efforts, including raising our bid by roughly $5 billion, Yahoo! has not moved toward accepting our offer. "After careful consideration, we believe the economics demanded by Yahoo! do not make sense for us, and it is in the best interests of Microsoft stockholders, employees and other stakeholders to withdraw our proposal," said Ballmer. Countrywide Financial Corp.-Bank of America Corp. In another deal that may be in trouble, shares of troubled mortgage lender Countrywide Financial tumbled almost 9% in early trading Monday after brokerage firm Friedman, Billings, Ramsey & Co. said Bank of America Corp. is likely to renegotiate or scrap its deal to buy the company. Friedman Billings, which downgraded Countrywide to "underperform" from "market perform," said in a note to clients that Countrywide's loan portfolio has deteriorated so rapidly that it currently has negative equity and the proposed takeover of the company will be a drag on Bank of America's earnings. Countrywide shares fell 8.8% to $5.45 in early trading Monday. The Minneapolis Star Tribune hires Blackstone Group LP On the heels of a report that The Minneapolis Star Tribune is on the verge of bankruptcy, the 140-year-old newspaper said Sunday it has hired the Blackstone Group LP to evaluate its alternatives and capital structure. The New York Post reported Sunday that the newspaper is "on the brink" of bankruptcy and its creditors may take control. The Twin Cities' top daily newspaper, which is owned by a private equity firm, refuted the report. Whiting Petroleum Corp.-Chicago Energy Associates LLC Denver oil explorer Whiting Petroleum Corp. agreed to buy producing gas wells, development areas and gas gathering facilities in the Flat Rock natural gas field in Utah from Chicago Energy Associates LLC for $365 million. The deal should close May 30 if Chicago Energy's members approve it, the purchaser said in a statement. Whiting will finance it through its existing bank credit facility. Main Knitting Inc In bankruptcy news, Canadian garment maker Main Knitting Inc.'s motion for Chapter 15 approval was tabled for two weeks Friday while it scurries to shop its cross-border assets. Judge Robert Littlefield Jr. in U.S. Bankruptcy Court for the Northern District of New York in Albany wants to stay a U.S. creditor's lawsuit and also keep other creditors from moving against its assets under its Chapter 15 petition, records show. Littlefield postponed Main's scheduled hearing Friday on its motion for recognition of its Canadian insolvency as its foreign main proceeding until May 20, said Jonathan Deily of Deily, Mooney & Glastetter LLP, counsel for the foreign representative. Kimball Hill A Chicago judge has given Kimball Hill Inc. second interim approval to tap $51.9 million in debtor-in-possession financing from an unusual source -- the Internal Revenue Service. Judge Susan Pierson Sonderby for the U.S. Bankruptcy Court for the Northern District of Illinois in Chicago gave the second interim approval for the privately owned homebuilder in a hearing that ended late on Thursday, court documents indicate. The financing takes the form of a tax refund owed to the Rolling Meadows, Ill.-based company that it will use to finance its bankrupt affiliates. - Peter Moreira
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