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Article: JPMorgan to buy rival at discount price: $2 a share.(Front)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- March 17, 2008
CopyrightCOPYRIGHT 2008 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JOE BEL BRUNO
By Joe Bel Bruno and Madlen Read
The Associated Press
NEW YORK
JPMorgan Chase said Sunday it will acquire rival Bear Stearns for a bargain-basement $236.2 million - or $2 a share - a stunning collapse for one of the world's largest and most storied investment banks.
The last-minute buyout was aimed at averting a Bear Stearns bankruptcy and a spreading crisis of confidence in the global financial system.
The Federal Reserve and the U.S. government swiftly approved the all-stock deal, showing the urgency of completing the deal before world markets opened.