NEW York (AP) JPMorgan Chase now will embark on the tough task of absorbing Bear Stearns, once among its biggest rivals on Wall Street.
JPMorgan's acquisition of Bear Stearns for the shockingly low price of $2 per share, or $236.2 million, occurred last night. The federal government fast-tracked the deal to avoid a bankruptcy.
Bear Stearns shares closed Friday at $30 a share.
JPMorgan says it will guarantee all business, such as trading and investment banking, until shareholders approve the deal. That's expected to be completed during the second
quart. The acquisition includes Bear Stearns' midtown Manhattan headquarters.