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Thursday, May 29, 2008
Bear Stearns Buyout Approved
Details here. All the hullabaloo -- discussed here and here -- has died down. Why?
The deal's approval comes as no surprise -- since offering to take over the firm two-and-a-half months ago at the behest of the U.S. government, JPMorgan Chase & Co. has purchased nearly half of Bear Stearns Cos. stock, virtually guaranteeing shareholder approval. JPMorgan also upped its initial offer of $2-a-share to $10-a-share after outcry from Bear Stearns shareholders, many of whom are employees that JPMorgan intends to keep on staff.
The $10 was apparently enough to buy off those shareholders with other interests to pursue. Perhaps those interests -- such as employees worried about their jobs -- were taken care of as well.
Posted by Matt Bodie on May 29, 2008 at 12:15 PM in Corporate | Permalink
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