Who might want to buy Bear Stearns? Amid reports that CEO Jimmy Cayne is heading out and President Alan Schwartz will soon take the helm, The Wall Street Journal notes that Bear Stearns “has much more in common with a new breed of hedge funds — such as Citadel, D.E. Shaw or SAC – that are building out infrastructures across the financial-services industry.” Buying Bear Stearns would also give an acquiring hedge fund a public stock listing.

Microsoft’s $1.2 billion offer for Norwegian Internet-search software firm Fast Search & Transfer sweetens its suite of business services. If any other business software players want to take counter measures, they will have to pay up — Microsoft’s offer has a 42 percent premium.

Two years of haggling and a blessing from Beijing couldn’t save Singapore Airlines’ $920 million bid for about a quarter of China Eastern Airlines. Bigger rival Air China is now expected to bid for China Eastern, the third-biggest carrier in China. Analysts say loss-making China Eastern will try to return to the negotiating table with Singapore Air.