JPMorgan, Bear Stearns Reach Deal, Hedge Funds Still Wary

Mar 17 2008 | 1:28am ET

JPMorgan Chase has agreed to buy Bear Stearns for a mere $240 million, or $2 per share, which amounts to less that 7% of the firm’s closing share price on Friday. The agreement, which is expected to close in 90 days, would end the Wall Street giants 85 years of independence.

Last week, clients—including many of the firm’s prized hedge fund customers—pulled $17 billion from Bear Stearns.


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