BSC JPM deal done for $20ish a share

JPM, you son of a bitch. Do you have any idea what this will do to my short position? You're overpaying about $20.

 

Jamie Dimon spoofed you on your $38 takeover. I'd take him off your xmas card list.

 

what about the $80/share book value crowd :eek:

 

so how much is the taxpayer on the hook for?

 

NEW YORK - 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.
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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

 

http://online.wsj.com/article/SB120569598608739825.html?mod=MKTW

 

Actually according to NYTimes the deal is going for $2/share. Someone MUST be feeding misinformation, trying to manipulate the stock:

http://www.nytimes.com/2008/03/16/business/16cnd-bear.html?_r=1&hp&oref=slogin

JPMorgan Acts to Buy Ailing Bear Stearns at Huge Discount


Bear Stearns, facing collapse because of the mortgage crisis, agreed Sunday evening to be bought by JPMorgan Chase for a bargain-basement price of less than $250 million, the two companies announced.

The all-stock deal values Bear Stearns at about $2 a share, based on JPMorgan’s closing stock price on Friday, the companies said. In contrast, shares of Bear Stearns, which fell $27 on Friday, closed at $30.

A deal for Bear Stearns would end the independence of one of Wall Street’s most storied firms and help halt a sweeping panic that set in at the end of last week, causing Bear Stearns’s stock to swoon 47 percent on Friday.

The talks between the companies, which were overseen by the Federal Reserve and the Treasury Department because of their potential effect on financial markets, were rushed in an effort to reach a deal before stock markets open in Asia at 8 p.m. Eastern time.

 

All i can say is, wow, just wow.

What is that, the value of the building itself. The franchise itself valued at zero. Good job Cayne, smoke another blunt. I wouldnt be surprised if someone put a bullet in this guys head in broad daylight.

14K people hitting the bricks this week. Should be alot of nyc and hamptons real estate firesales in the coming months.

 

Tomorrow starts the shareholder lawsuit games.

 

Do you think another party may come up with a better counter offer? If I were Bill Gates, I'll buy BSC for pocket change just for kicks.