JPMorgan says to buy Bear Stearns for $2 a share
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| Posted
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Sun, 16 Mar 2008 23:28:05 GMT |
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Reuters |
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US (Business) |
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NEW YORK (Reuters) - JPMorgan Chase & Co said on Sunday it would buy troubled rival Bear Stearns for about $2 a share in an all-stock deal, and that the Federal Reserve would fund up to $30 billion of Bear Stearns' less liquid assets.In a statement, JPMorgan said it would exchange 0.05473 shares of its stock for one share of Bear Stearns' stock. It is guaranteeing the trading obligations of Bear Stearns and its subsidiaries.
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