Bear Stearns Cos. shareholders on Thursday approved JPMorgan Chase & Co.'s $2.2 billion buyout of the investment bank whose wagers on subprime mortgages made it the largest corporate casualty of the global credit crisis.
The widely anticipated "yes" vote at Bear Stearns' midtown Manhattan headquarters means the company will officially become part of JPMorgan Chase by Friday. JPMorgan Chase confirmed that Bear Stearns' shareholders approved the deal, and said it would release the vote tally later.
The bank is buying Bear Stearns for about $10 a share. Back in January 2007, before mortgage defaults began clobbering banks and draining demand from the debt markets, Bear Stearns had traded at $171 a share.
Source: AP News
The widely anticipated "yes" vote at Bear Stearns' midtown Manhattan headquarters means the company will officially become part of JPMorgan Chase by Friday. JPMorgan Chase confirmed that Bear Stearns' shareholders approved the deal, and said it would release the vote tally later.
The bank is buying Bear Stearns for about $10 a share. Back in January 2007, before mortgage defaults began clobbering banks and draining demand from the debt markets, Bear Stearns had traded at $171 a share.
Source: AP News
1 comment:
Two thumbs for Dick Cheney's spying on businesses. It worked well as we see companies being brought out by bigger insider friends of the White House. Americans thought the spying was for terrorist and Americans but it was all about stealing companies right from under them. Cheney knew that Americans wouldn't be smart enough to figure this plan out and he was right. Go Dick!
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