Reuters: Mergers News: PRESS DIGEST - Wall Street Journal - April 3

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PRESS DIGEST - Wall Street Journal - April 3 Apr 3rd 2012, 06:33 April 3 | Tue Apr 3, 2012 2:33am EDT April 3 (Reuters) - The following were the top stories in The Wall Street Journal on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy. * President Barack Obama said a Supreme Court overturn of the health-care law would be a prime example of the judicial activism that conservatives have derided. * The Securities and Exchange Commission is examining Groupon's revision of its first set of financial results as a public company. * Avon Products, weakened by poor financial results, a long-running bribe probe and a lame-duck CEO, is now in play after Coty Inc made an unsolicited $10 billion takeover offer. * U.S. regulators alleged a "wash trading scheme of massive proportion" by Royal Bank of Canada, which was accused of unlawfully trading stock futures in order to get tax benefits. * Dropbox followed the Internet start-up playbook to a tee last year, riding the Web boom and raising $250 million at a $4 billion valuation. Now comes the hard part: Living up to the hype. * Express Scripts and Medco won government approval for their merger, setting the stage for the creation of a massive pharmacy-benefit manager. * Illumina Inc's board unanimously rejected Swiss drug maker Roche Holding AG's sweetened takeover offer, saying the revised bid is still inadequate and opportunistic. * Meat processor AFA Foods Inc filed for bankruptcy court protection Monday, saying a national controversy over a common filler for ground beef severely curbed consumer demand for its products.

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