Breaking News Alert
The New York Times
Sunday, March 16, 2008 -- 7:18 PM ET
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JPMorgan Chase Says It Will Acquire Bear Stearns for $2 a Share
Bear Stearns, facing collapse because of the mortgage crisis,
agreed Sunday evening to be bought by JPMorgan Chase for a
bargain-basement price of less than $250 million, the two
companies announced.
The all-stock deal values Bear Stearns at about $2 a share,
based on JPMorgan's closing stock price on Friday, the
companies said. In contrast, shares of Bear Stearns, which
fell $27 on Friday, closed at $30.
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