You are here
Morgan gets Bear for $2 per share, with more Fed financing
JP Morgan Closes Deal on Bear Stearns
By Joe Bel Bruno and Madlen Read
Associated Press
via Yahoo News
Sunday, March 16, 2008
http://news.yahoo.com/s/ap/20080316/ap_on_bi_ge/jpmorgan_bear_stearns
NEW YORK -- JPMorgan Chase said Sunday it will acquire rival Bear Stearns in a deal valued at $236.2 million, a stunning collapse for one of the world's largest and most venerable investment banks.
JPMorgan Chase & Co. said the $2 a share, all-stock deal has received the required approvals from the federal government and the Federal Reserve. Bear Stearns shares closed Friday at $30 a share.
The Fed will provide special financing to JPMorgan Chase in connection with the deal, JPMorgan Chase said. The central bank has agreed to fund up to $30 billion of Bear Stearns' less liquid assets.
* * *
Join GATA here:
GATA Goes to Washington -- Anybody Seen Our Gold?
Thursday-Saturday, April 17-19, 2008
Hyatt Regency Crystal City, Arlington, Virginia
http://www.gata.org/washington
* * *
Help Keep GATA Going
GATA is a civil rights and educational organization
based in the United States and tax-exempt under the
U.S. Internal Revenue Code. Its e-mail dispatches are
free, and you can subscribe at http://www.gata.org/.
GATA is grateful for financial contributions, which
are federally tax-deductible in the United States.
