It looks as if the shareholders may have a small victory on their hands as JPMorgan (JPM) was in talks with Bear Stearns (BSC) on Sunday to raise their bid from a symbolic $2 per share to a somewhat more reasonable $10 per share, valuing the merger at around $1 billion. Some will still argue that the BSC building is valued anywhere from $8 – $12 per share leaving the core of the BSC business worthless, which may or may not be the case. JPM and BSC are also discussing the purchase of approximately 35% of BSC’s shares in an attempt to fend off any battle between JPM and BSC’s shareholders.
So much for Sundays being a day of rest, eh?
Crazy stuff man, crazy stuff. Do you suppose that people are betting that there will be an even higher offer? Why else would the current share price outreach the current 10/share offer at over 12?
Comment by Jim — Monday, March 24, 2008 @ 9:52 am
I’ve heard from some media sites that folks value BSC at about 420 per share. It’s a step I think.
Comment by Jorge — Monday, March 24, 2008 @ 11:51 am
i think it is crazy that our tax dollars were used to help J.P. Morgan buy this company!!
Comment by Nicole — Monday, March 24, 2008 @ 10:04 pm
According to the Fed, it’s not our money but something involving customers of the larger investment banks. I don’t know exactly how it works since I can’t afford to even walk into Goldman’s building hah!
Comment by Jorge — Friday, March 28, 2008 @ 8:59 am