Bear Stearns' Cayne, holder seek rival bid: report
|
|
|
| Posted
:
Wed, 19 Mar 2008 15:03:10 GMT |
| By
:
Reuters |
| Category
:
US (Business) |
| News Alerts by
Email ( click
here ) |
|
US Business News |
Home
|
|
|
|
NEW YORK (Reuters) - Bear Stearns Cos Inc Chairman James Cayne and top shareholder Joe Lewis are quietly searching for a bidder that would top the offer from JPMorgan Chase & Co , the New York Post reported on Wednesday.Cayne and Lewis have contacted private equity firms, including J.C. Flowers and Kohlberg Kravis Roberts & Co , as well as overseas banks Barclays , HSBC , Credit Suisse , and Royal Bank of Scotland , the paper said, citing sources familiar with the matter.Cayne and Lewis combined hold nearly 15 percent of the stock of cash-strapped Bear Stearns.The all-stock offer from JP Morgan values Bear Stearns at about $280 million, compared to its valuation of $7.7 billion a week ago.Bear Stearns was not immediately available to comment. JPMorgan declined to comment.Bear Stearns shares, which have been trading above the offer of about $2.40 at current stock prices, were down 7.1 percent at $5.49 in morning trade on the New York Stock Exchange.(Reporting by Chris Reiter, editing by Dave Zimmerman) (c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
|
|
|
|
|
|
Related News
US economists: 'Jobless' recovery to reach bottom at start of 2010 Washington - The US economy will start adding jobs some time in the first quarter of 2010, ending a so-called jobless recovery that has plagued the world's largest economy since the summer months, according to a survey released Monday. But the Nati...
Hershey, Nestle, sweeten war for Cadbury Washington - Hershey and Nestle are expected to jump into the war over Cadbury sweets, media reports said Saturday, just weeks after the British-based stalwart rejected a hostile bid by US Kraft Inc. The growing market for chocolate in the developing...
US stock drop slightly on Dell profits, mixed for week New York - Technology and energy shares pushed US stocks lower Friday, capping a mixed week for investors amid unease about the pace of the world's economic recovery. Tech stocks slid after a disappointing earnings report from computer giant Dell, wh...
GM: Opel restructuring plan by mid-December; cuts up to 25 per cent Washington - US carmaker General Motors will present a new restructuring plan for its European operations by mid-December, Nick Reilly, the new head of GM Europe, wrote on his new blog Friday. While the details were still being hashed out, Reilly war...
US stock sell-off on fears of weak recovery New York - US stocks followed global markets in a broad decline amid investor fears over the world's uneasy recovery from recession. Major US stock indices fell about 1 per cent on average, following hefty declines in the DJ Euro Stoxx 50 and Japan's...
US leading economic indicator gains 0.3 per cent Washington - A key measure of US economic performance gained in October, according to a private research group Thursday, signalling that a broader recovery may be taking hold. The New York-based Conference Board's Leading Economic Index added 0.3 per...
US stocks fall slightly on technology earnings New York - US stocks posted modest losses Wednesday on poor profit forecasts from technology firms and a surprising dip in home construction. Earnings from Salesforce.com and Autodesk were worse than expected. Other technology shares losing ground in...
|
|
|
|
|
|
|
|