MAJOR PAPERS:

• Liberty Media Corporation (NASDAQ: LCAPA) filed a lawsuit in Delaware against IAC/InterActiveCorp’s (NASDAQ: IACI) Barry Diller in an attempt to block Mr. Diller from completing the spinoffs of several units on terms that could dilute Liberty’s voting capability; the suit pursues a suit filed by IAC against Liberty seeking to total the divestiture on its own terms, the Wall Street Journal said.

OTHER PAPERS:

• The Evening Standard learned that billionaire Wilbur Ross is in takeover talks with AMBAC Financial Group Inc (NYSE: ABK) and that a deal could come within the next two weeks.

WEB SITES:

• According to analysts, TheDeal.com’s
  Dealscape blog reported that the troubles at WellCare Health Plans Inc (NYSE: WCG) could lead to a sale of the company after the departure of the company’s three executives.
• Citing a source shut to Advanced Micro Devices Inc (NYSE: AMD), CRN.com reported that rumors of a merger amoung the company and International commerce Machines Corporation (NYSE: IBM) “is nothing but speculation.” A rumor in Mergermarket, which caused AMD’s share price to spike nearly 11% on Wednesday, said IBM’s microelectronics division could merge with AMD “possibly in the approach term.”

Original post by Eric Buscemi

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