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Sunday, March 16, 2008

Bear Stearns Racing Against the Clock to Complete Deal with JPMorgan

by Calculated Risk on 3/16/2008 04:06:00 PM

UPDATE: WSJ: Bear Stearns Closes in on Deal To Sell Itself to J.P. Morgan

People familiar with the discussions said all sides were pushing hard to complete an agreement before financial markets in Asia open for Monday trading.

... the company is likely to fetch considerably less on a per-share basis than its stock price of $30 in New York Stock Exchange composite trading Friday at 4 p.m.
The Financial Times reports: Bear races to forge deal with JPMorgan
Bear Stearns ... was this weekend fighting against the clock on a deal to sell itself to JPMorgan Chase ... “We’re definitely in the mix,” a senior person at JPMorgan said.
JPMorgan has been contacting clients to inform them of the coming consolidation.

... people close to the situation said ... it was ... likely the firm would be acquired as a whole and split later.
My guess is a deal will be reached before the market opens tomorrow.