JPMorgan Close To Buying Bear Stearns
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AP
Published: March 16, 2008
(AP) - Bear Stearns and JPMorgan Chase are close to an emergency buyout deal aimed at avoiding further panic in the financial markets.
The Wall Street Journal says top executives from both companies are in 11th-hour talks. The deal could sell Bear Stearns for a per share price that is likely to be “considerably less” than the $30 the stock closed at on Friday.
Bear Stearns shares closed down $27, or 47.4 percent, to $30 as investors worried about a possible failure of the investment bank. The drop wiped 5.7 billion dollars from the company’s market value.
Sources say both sides are in a rush to complete a deal before financial markets open in Asia for Monday morning trading.
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