Yell in with a shout for US rival

NEWS Yell is to buy the second largest independent directories business in the US, McLeod Publishing, in a $600m deal. The news marks the company's first acquisition since it was bought from BT by a group of private equity firms. The deal hinges on the ability of parent company McLeod USA to restructure the company to the stem massive losses, the FT reports. McLeod shareholders have so far been wary to accept the terms of the restructuring.