JPMorgan to raise offer for Bear Stearns
Updated: 2008-03-24 14:12
SINGAPORE - JPMorgan Chase & Co (JPM.N) is in talks to increase its offer for Bear Stearns Cos (BSC.N) to $10 per share in an effort to pacify angry shareholders of Bear Stearns, the New York Times reported in its online edition.
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A Bear Stearns sign is pictured at its office in Hong Kong's Central district March 17, 2008. [Agencies] |
"The Fed, which must approve any new deal, was balking at the new offer price on Sunday night after several days of frantic, secret negotiations," the newspaper reported, citing people involved in the negotiations.
The New York Times said a spokeswoman for JPMorgan declined comment and added that a representative of Bear Stearns could not be reached.
On March 16, the stricken Bear agreed to a $236 million all-stock buyout by JPMorgan, valuing the company at about $2 per share. That value has since risen to about $2.52 per share because JPMorgan stock has since risen.
Bear shares closed Thursday at $6.39, a premium to the merger price, because some investors hope the company will find another buyer or JPMorgan will increase its offer.
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