Business Today: Allergan rejects Valeant Pharma's 'cut and slash' takeover

	Click to View in Browser 05/12/2014 Allergan rejects Valeant Pharma's 'cut and slash' takeover (Reuters) - U.S. drugmaker Allergan Inc on Monday rejected Valeant Pharmaceuticals International Inc's $47 billion takeover offer, saying its proposed cost cuts were too steep. Hillshire to buy Pinnacle, in merger of meat and veggies (Reuters) - Hillshire Brands Co said on Monday it would buy Pinnacle Foods Inc in a $4.3 billion deal that will combine its lineup of Jimmy Dean sausages and Hillshire lunch meats with Pinnacle's Birds Eye frozen vegetables and Vlasic pickles. Dow, S&P 500 end at record highs; Internet names jump NEW YORK (Reuters) - The Dow and S&P 500 ended at record highs on Monday while the Nasdaq rallied as shares of Internet and biotech shares advanced. U.S. seeks up to 6-1/2 years in prison for SAC's Steinberg NEW YORK (Reuters) - U.S. prosecutors are urging a federal judge impose a sentence of up to 6-1/2 years in prison for Michael Steinberg, a portfolio manager at Steven A. Cohen's SAC Capital Advisors convicted last year on insider trading charges. GM reassigns executive who dealt with ignition switch probe DETROIT (Reuters) - General Motors Co has reassigned an executive who dealt with U.S. safety regulators probing defective ignition switches linked to at least 13 deaths, as part of a restructuring meant to improve vehicle safety, the automaker said on Monday. Texas' Wyly brothers committed fraud with offshore trusts: jury NEW YORK (Reuters) - A jury on Monday found that Texas business brothers Samuel and Charles Wyly committed fraud by creating a secret scheme involving offshore trusts that netted them $550 million in illegal trading profits. Three Lawson Software founders settle SEC insider trading charges (Reuters) - Three Lawson Software Inc founders agreed to pay about $5.8 million to settle U.S. insider trading charges that they took advantage of incorrect media and analyst reports to trade stock ahead of the company's 2011 merger. Ackman asks for Allergan's stockholder list BOSTON (Reuters) - William Ackman plans to communicate with other Allergan shareholders after the Botox maker on Monday rebuffed a bid to be bought by the billionaire investor and Valeant Pharmaceuticals. Chrysler posts first-quarter loss, begins shipping 200 midsize DETROIT (Reuters) - Chrysler Group LLC expects increased vehicle shipments linked to the new Chrysler 200 midsize sedan will not have a great effect on earnings until the third quarter, its chief financial officer said on Monday. UniCredit returns to profit as bad loans fall MILAN (Reuters) - UniCredit returned to profit in the first quarter of the year and said bad loans had fallen for the first time since 2008 as the Italian economy shows the first signs of recovery. Related Video The billionaires' favourite playground Quick on the draw - bionic arm set for space debris clean-up Economic News Skills-jobs mismatch harming U.S. labor market: Fed's Plosser New York state pension ends fiscal year with record assets A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend