NEW YORK - JPMorgan Chase said Sunday it will acquire rival Bear Stearns in a deal valued at $236.2 million — or $2 a share — a stunning collapse for one of the world's largest and most venerable investment banks.
The last-minute buyout was aimed at averting a Bear Stearns bankruptcy and a spreading crisis of confidence in the global financial system.
The Federal Reserve and the U.S. government swiftly approved the all-stock deal, showing the urgency of completing the deal before world markets opened.
Bear Stearns shares close Friday at $30 a share. At their peak, the shares traded at $159.36.
I'm glad that our economy is "fundamentally sound", otherwise one might think that we aren't close to the bottom.
