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Looks like complaining does work! Bear Stearns Cos. shareholders have successfully kvetched their way to $10 a share; how much more will they try to squeeze out of Jamie Dimon? Wall Street appears to already be betting that if J.P. Morgan Chase & Co. caved once they can get more, as the stock is already above $11.00 in Monday morning trading, down from an intra-day high of $13.85.
Still, if you were unlucky enough to have bought Bear Stearns at any point prior to March 14, the extra $8 per share being offered doesn't go too far toward recouping your losses. Ironically, J.P. Morgan's willingness to compromise in order to avoid shareholder complaints that Bear Stearns is being sold too cheap may in fact spur more shareholder dissent and additional lawsuits. - George White
See press release See story about Bear Stearns buyout from TheDeal.com CategoriesComments
From: Naylor,
Ironically, J.P. Morgan's willingness to compromise in order to avoid shareholder complaints that Bear Stearns is being sold too cheap may in fact spur more shareholder dissent and additional lawsuits. What backs up this supposition?
Posted on:
March 24, 2008 2:27 PM
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I think at least part of the motivation to reprice was to get a chance to amend the poorly written guarantee agreement. Shocking a mistake like that could be made, will be good to see how it is rephrased.