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Monday, March 24, 2008

JP Morgan Chase may increase Bear offer

March 23 2008
JP Morgan Chase & Co. is discussing a deal that would increase its offer for Bear Stearns Cos. from $2 to $10 a share, The New York Times reported today. The talks Sunday were an attempt to satisfy Bear Stearns stockholders upset over JP Morgan Chase’s offer of $2 a share for the struggling investment bank, the newspaper said on its Web site, citing people involved in the negotiations. In an attempt to speed majority shareholder approval, Bears board was trying to authorize the sale of 39.5 percent of the firm to JP Morgan Chase, the Times said. State law in Delaware, where the companies are incorporated, allows a company to sell up to 40 percent without shareholder approval.

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