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JP Morgan ups price for Bear Stearns to five times original bid; INVESTMENT.(Business)
- Article from:
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The Birmingham Post (England)
- Article date:
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March 25, 2008
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Copyright informationCOPYRIGHT 2008 Birmingham Post & Mail Ltd. 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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Investment bank JP Morgan Chase yesterday upped its offer for rival Bear Stearns in a bid to appease the shareholders of the stricken investment bank.
JP Morgan's new offer - valuing the credit crunch victim at around EUR1.2 billion (pounds 606 million) - is five times bigger than its original approach a week ago.
The funding rescue and cut-price sale of Wall Street's fifth-biggest investment bank prompted a backlash last week among Bear Stearns ...
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