NEW YORK (Thomson Financial) - Bear Stearns Cos Inc was closing in on a deal
Sunday afternoon to sell itself to JP Morgan Chase & Co, as worries deepened
that the financial crisis of confidence could spread if Bear failed to find a
buyer by Monday morning, the Wall Street Journal reported in its online edition.
People familiar with the discussions said all sides were pushing hard to
complete an agreement before financial markets in Asia open for Monday trading.
"None of these things is done until they're done," the Wall Street Journal
quoted Treasury Department spokeswoman Michele Davis as saying on Sunday
afternoon.
"But I think everyone's expectation is sometime in the early evening
hopefully" the deal will be done.
While terms of the deal were still being hammered out Sunday afternoon, Bear
Stearns could fetch roughly $2.2 billion, or slightly less than $20 a share,
people familiar with the talks were quoted by the WSJ website as saying.
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