Updated throughout the day.

Update after 9AM: TTI Team Telecom International Ltd. (NASDAQ: TTIL) is trading up after confirming buyout talks per media reports.  No deal has been reached yet, and shares are up over 6% at $2.55.

The Financial Services Authority is asking UK banks to set up “living wills” (WSJ)

BC Partners Ltd., manager of a $7.2 billion private equity fund, may sell Picard Surgeles. (Bloomberg)

As many as 20 companies may bid for Novell Inc (NASDAQ: NOVL) (WSJ)… as we noted yesterday though, a higher buyout price looks likely.

Douglas A. McIntyre

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