JPMorgan Raises Bear Purchase Price

NEW YORK -- JPMorgan Chase & Co. on Monday moved to assuage shareholders of Bear Stearns & Co. by increasing its offer to acquire the ailing investment bank to $10 per share from the bargain-basement price of $2 per share. There was a backlash last week among Bear Stearns shareholders who felt the original deal undervalued the 85-year-old institution. JPMorgan Chase Chief Executive Jamie Dimon spent most of the week trying to woo Bear Stearns employees, who collectively own about a third of the company. Read more...

Posted by Editor at March 25, 2008 10:10 AM