NEW YORK TIMES ------JPMorgan in Negotiations to Raise Bear Stearns Bid $10
ANDREW ROSS SORKIN
Published: March 24, 2008
JPMorgan Chase was in talks on Sunday night for a deal that would quintuple its offer for Bear Stearns, the beleaguered investment bank, in an effort to pacify angry Bear shareholders, according to people involved in the negotiations.
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Patrick Andrade for The New York Times
The headquarters of Bear Stearns in Midtown Manhattan. JPMorgan Chase initially offered $2 a share for Bear, angering the beleaguered firm’s stockholders who said the offer was too low.
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Times Topics: Bear Stearns Companies
Times Topics: J. P. Morgan Chase & CompanyThe sweetened offer is intended to win over stockholders who vowed to fight the original fire-sale deal, struck only a week ago at the behest of the Federal Reserve and Treasury Department.
Under the terms being discussed, JPMorgan would pay $10 a share in stock for Bear, up from its initial offer of $2 a share — a figure that represented a mere one-fifteenth of Bear’s going market price.
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