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Tuesday, March 18, 2008

JP Morgan Chase acquires Bear for $2 a share

March 18 2008
JP Morgan Chase, the big bank that helped bail out Bear last Friday, is paying just $2 a share to take over the investment firm, which a little over a year ago was trading for as high as $170 a share. The deal to buy Bear will avert a looming bankruptcy filing by the investment firm and potentially stave off a new crisis in the financial markets. The purchase price is an indication of just how far things have fallen at Bear, which a year ago helped spark the subprime meltdown with the collapse of its two big hedge funds. The deal values Bear at $236 million.

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