Class Action

JPMorgan Chase Completes Bear Stearns Acquisition

By etripodi

One of the most contested recent merger agreements was fully consumated on May 30, 2008.  At approximately 11:59 pm EST on this date, JPMorgan Chase announced that it had completed the acquisition of Bear Stearns.

  The deal, initially proposed on March 17, 2008, marks the end of the alleged liquidity crisis experienced by Bear Stearns starting in March of this year.  On Thursday, May 29, 2008 a Special Meeting of Bear Stearns Stockholders was held to vote on the proposed merger agreement between JPMorgan Chase and Bear Stearns.  The operative merger agreement dated March 24, 2008 is a stock-for-stock exchange whereby JPMorgan Chase will exchange 0.021753 shares of its common stock for each share of Bear Stearns common stock and Bear Stearns becoming a direct subsidiary of JPMorgan Chase.  The voting results indicated that approximately 84% of shares voted were voted in favor of the merger. 

Full post as published by ClassLawBlog.com on June 09, 2008 (boomark / email).