March 16, 2008 - JPMorgan Chase & Co said Sunday it will acquire rival Bear Stearns (NYSE:BSC) in a deal valued at $236.2 million, a stunning collapse for one of the world's largest and most venerable investment banks.
JPMorgan Chase & Co. said the $2 a share, all-stock deal has received the required approvals from the federal government and the Federal Reserve. Bear Stearns shares close Friday at $30 a share.
The Fed will provide special financing to JPMorgan Chase in connection with the deal, JPMorgan Chase said. The central bank has agreed to fund up to $30 billion of Bear Stearns' less liquid assets.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
NEW YORK (AP) -- JPMorgan Chase says it will acquire rival Bear Stearns for $2 a share in a move aimed at averting spreading panic in the financial markets over tightening credit.
JP Morgan says the all-stock deal has received the required approvals from the federal government and the Federal Reserve.
The Fed will provide special financing to JPMorgan Chase in connection with the deal. The central bank has agreed to fund up to $30 billion of Bear Stearns' less liquid assets.
Source: CNNMoney
JPMorgan to buy Bear for $2 a share
