JP Morgan Buying Bear Sterns For $2/Share
JPMorgan Chase says it will acquire rival Bear Stearns for $2 a share in a move aimed at averting spreading panic in the financial markets over tightening credit. JP Morgan says the all-stock deal has received the required approvals from the federal government and the Federal Reserve. The Fed will provide special financing to JPMorgan Chase in connection with the deal. The central bank has agreed to fund up to $30 billion of Bear Stearns’ less liquid assets. [Link]
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[...] related news, JP Morgan Chase is buying Bear Sterns – the mismanaged company being bailed out by your tax dollars – for $2/share, it had [...]