Bear Stearns shareholders flex muscle
The New York Times is reporting that JP Morgan Chase is exploring the possibility of raising its $2/share offer for Wall Street rival Bear Stearns, up to $10/share.
This whopping 400% increase is the direct result of shareholders and employees (Bear Stearns employees own 1/3 of the firm) threatening to vote “no” on any sale proxy at $2/share.
To read The New York Times’ article, click here.
