JPMorgan Chase & Co said it bought 11.5mm shares of Bear Stearns on the open mkt. With the purchase, JPMorgan owns about 12.98mm Bear shares, or about 8.9%. JPMorgan said it expects to buy more shares, potentially until it owns as much as 49.5% of Bear Stearns' outstanding shares.
- Reuters
Notablecalls: What the heck is JPM doing buying BSC stock above their own $10 bid? Is it because they know (or suspect) something..?
good 4 jpm
ReplyDeleteJPM wants the controlling majority share to sideline other Bear Stearns shareholders who may not vote for the deal. It appears that they would be ones left holding the bag.
ReplyDelete