Bear close to announcing sale to JPMorgan
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Sun, 16 Mar 2008 22:03:03 GMT |
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NEW YORK/WASHINGTON (Reuters) - Bear Stearns Cos Inc is close to announcing a deal to sell itself to JPMorgan Chase & Co, a person familiar with the matter said on Sunday, as the fifth-largest U.S. investment bank strives to save itself.The Wall Street Journal said on Sunday that Bear Stearns could sell itself for around $2.2 billion, or 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 how dire the situation is for the 85-year-old investment bank.Bear Stearns said on Friday it had secured emergency funding from the Federal Reserve after experiencing a run on the bank.The deal with JPMorgan Chase has not yet been signed, the person said, speaking on condition of anonymity.The Fed is widely seen as having provided the financing to prevent Bear Stearns from toppling and potentially bringing other banks down with it.(Reporting by Dan Wilchins in New York and David Lawder in Washington, Editing by Toni Reinhold)
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