NEW YORK (AP) - JPMorgan Chase said Sunday it will acquire rival Bear
Stearns in a deal valued at $236.2 million, a stunning collapse for one of the
world's largest and most venerable investment banks.
JPMorgan Chase & Co. said the $2 a share, all-stock deal has received the
required approvals from the federal government and the Federal Reserve. Bear
Stearns shares close Friday at $30 a share.
The Fed will provide special financing to JPMorgan Chase in connection with
the deal, JPMorgan Chase said. The central bank has agreed to fund up to $30
billion of Bear Stearns' less liquid assets.
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