BOSTON (Thomson Financial) - Shares of Bear Stearns Cos. Inc. jumped in
premarket action Monday after the Wall Street Journal reported that JPMorgan
Chase & Co. is near an agreement to quintuple its acquisition offer price to $10
per share.
Bear Stearns shares rose 56%, or $3.34, to $9.30 prior to Monday's open on
volume of 514,000. As of Thursday's $5.96 closing price, Bear Stearns stock was
down about 93% year-to-date.
The Wall Street Journal said Bear Stearns' board was meeting Monday morning
and that an announcement was expected after that.
On March 16, JPMorgan agreed to acquire the troubled New York-based
brokerage for $2 per share, or 0.05473 shares of JPMorgan common stock.
Shares of JPMorgan slipped 1.5% to $45.30 on volume of 47,000 in premarket
trading.
Greg Saulnier
gs/pc
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