• InBev may need to raise its offer for Anheuser-Busch by $7 billion to win over the company's board. [Bloomberg]
  • Bank of America will cut 7,500 jobs at its recently-acquired Countrywide. [NYS]
  • Yahoo announced a major reorganization. And Carl Icahn officially filed his bid to clean out Yahoo's board of directors. [WSJ, Dealbook]
  • TPG and KKR are trying to capitalize on the credit crunch by invest in money management firms. [Bloomberg]
  • U.S. M&A activity sank 29% in the second quarter. [Reuters]
  • Today is Bill Gates' last day as a full-time Microsoft employee. [NYT]