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16 Mar 2008 21:14 GMT
JPMorgan closer on deal for Bear Stearns
NEW YORK (AP) - Wall Street is waiting for word that JPMorgan Chase & Co. reached an agreement to acquire wounded investment bank Bear Stearns Cos.
The two sides reportedly want a deal locked up before investors can put pressure on both of their stocks once Asian markets open for business. The Wall Street Journal reports the two banks were close to a deal for JPMorgan to buy Bear for $20 a share, or $2.2 billion.
The government, which on Friday helped facilitate a deal to provide funding to Bear Stearns through JPMorgan, continues to monitor the situation closely.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
bear stearns , page-133
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