Joe Lewis, the British billionaire who
is los
ing a cool $1 billion on Bear Stearns Cos.
' $2 per
share sale to J.P. Morgan Chase & Co. is reportedly trying to
block the sale and exploring alternatives like encouraging a white knight or voting flat out against the deal.
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Lewis is Bear Stearn's second-largest single shareholder, holding 9.4% of the beleaguered company, London's Daily Telegraph noted Tuesday and said Lewis is also weighing legal action aimed at Bear's board. The largest shareholder is Old Mutual's Barrow, Hanley, Mewhinney & Strauss, a 9.7% stakeholder, while Bear employees own about 30% and would likely support any action to hold onto what is left of their investment, the Telegraph report said.
On Monday, Eastside Holding Inc. was the first shareholder to
bring suit in the matter, according to Bloomberg, filing in Manhattan federal court
and asking for unreported damages and permission to bring a class-action suit on behalf of shareholders who
purchased Bear stock between Dec. 14, 2006, and March 14, 2008. Mark & Associates PC set up a Web site to inform shareholders of their legal rights:
bearstearnsinvestors.com. -
Carolyn Murphy
See Telegraph story
See Dealscape item on Eastside Holdings
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Did Dimon get a Bear in the rough?
A 'Bear' sentiment wrinkle for LBOs
Bear Stearns: Ch.11 never an option
Bear's litigation picture
Dodd backs Bear deal
J.P. Morgan to buy Bear Stearns
Deal blogs:
Dealwatch: J.P. Morgan-Bear StearnsEditor-in-Chief Robert Teitelman assesses J.P. Morgan/Bear Stearns deal
Bear Stearns lawsuits start rolling in
Earnings confirm 'Lehman is not Bear'
