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UPI NewsTrack Business

October 3, 2006
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(UPI Business News Via Thomson Dialog NewsEdge) U.S. stocks down, Treasuries upNEW YORK, Oct. 2 (UPI) -- U.S. stock indexes fell Monday despite weaker oil prices and fresh evidence the nation's economy was achieving a much-hoped-for soft landing.



The Dow Jones industrial average was off 8.72 or 0.07 percent to 11,670.35 on a volume of 928.8 million shares. The Nasdaq composite fell 20.83 or 0.92 percent to 2,237.60, and the Standard & Poor's 500 slipped 4.52 or 0.34 percent to 1,331.33.

The Institute of Supply Management said manufacturing grew in September but less than it had in August, evidence that the economy will slow without a recession. The price of crude oil fell on the New York Mercantile Exchange.

The 10-year Treasury note rose 6/32, lifting its yield to 4.61 percent.

The dollar fell, hitting 117.74 yen from 118.12 as the euro rose to $1.2747 from $1.2681.

Tokyo's Nikkei 225 settled at 16,254.29 after gaining 126.71 0.79 percent, and London's FTSE 100 closed slight off at 5,957.80 on a loss of 3 points or 0.05 percent.

Investors offer $15.05B for Harrah'sLAS VEGAS, Oct. 2 (UPI) -- Harrah's Entertainment Inc., a big gambling and casino company based in Las Vegas, confirmed Monday it received a $15.05 billion takeover offer.

In an unrelated deal, Harrah's agreed to swap 24 contiguous acres of Las Vegas Strip land for the Barbary Coast Hotel and Casino in a tax-deferred deal with Boyd Gaming Corp. Prior to the swap, the 24 acres will be acquired by Harrah's from third parties. Boyd Gaming said Monday it expects to recognize a non-cash gain of some $280 million when the Las Vegas land swap deal closes.

The $15.05 billion offer for the 68-year-old Harrah's, the world's largest operator of branded casinos, is structured as an $81 per share, all-cash offer from Apollo Management and Texas Pacific Group.

If successful, it would be one of the largest leveraged buyouts in history. Harrah's has created a non-management committee to evaluate the proposal.

Gilead Sciences buying Myogen for $2.5BFOSTER CITY, Calif., Oct. 2 (UPI) -- Gilead Sciences Inc. is paying $2.5 billion to buy Denver's Myogen Inc., which makes pulmonary hypertension treatments.

Upon completion of the all-cash deal, Myogen will become a wholly owned subsidiary of Gilead, which is based in California.

Myogen's lead product candidate, ambrisentan, is an orally available endothelin receptor antagonist designed as a potential treatment of pulmonary arterial hypertension. Endothelin is a small peptide hormone believed to play a critical role in the regulation of blood flow and cell division. Elevated endothelin blood levels are associated with several cardiovascular disease conditions.

Myogen also makes darusentan for the treatment of patients with resistant hypertension.

Open Text paying $489M for HummingbirdWATERLOO, Ontario, Oct. 2 (UPI) -- Canadian software maker Open Text Corp. is paying about $489 million to buy Hummingbird Ltd., a smaller domestic rival.

The cash-and-debt deal results in the formation of the world's largest independent provider of enterprise content management software, Open Text said Monday.

The deal was financed with about $58 million in cash from Hummingbird, $25 million in cash from Open Text and a $390 million term loan under new $465 million senior secured revolving and term credit facilities. The $75 million committed revolving term credit facility replaces a smaller revolving credit facility that was terminated.

The seven-year term loan may be prepaid and the revolving credit facility has a five-year term.

Hummingbird's chairman, Fred Sorkin and its chief executive, Barry Litwin, have left the combined company.

Copyright 2006 United Press International


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