Published on Gold Anti-Trust Action Committee (http://www.gata.org)

Morgan gets Bear for $2 per share, with more Fed financing

By cpowell
Created 2008-03-16 23:24

JP Morgan Closes Deal on Bear Stearns

By Joe Bel Bruno and Madlen Read
Associated Press
via Yahoo News
Sunday, March 16, 2008

http://news.yahoo.com/s/ap/20080316/ap_on_bi_ge/jpmorgan_bear_stearns [1]

NEW YORK -- JPMorgan Chase said Sunday it will acquire rival Bear Stearns 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 closed 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.

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