NEW YORK (Reuters) - Bear Stearns Cos Incis hoping to announce a deal to sell itself to JPMorgan Chase & Co before Asian markets open on Monday, the Wall Street Journal reported on Sunday, as the investment bank struggles to save itself.
Bear Stearns, the fifth-largest U.S. investment bank, could sell itself for around $2.2 billion, the newspaper reported. That would amount to less than $20 a share.
The low sale price, equal to about two-thirds the company's $30.85 closing share price on Friday, signals just how dire the situation is for the 85-year-old investment bank.
Tuesday, June 24, 2008
Looking back:JPM To The Rescue
Interesting.
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