JPMorgan All But Locks Up Bear Steans Vote -- Buys 11.5M Shares In Open Market
In a 13D filing on Bear Stearns (NYSE: BSC), JPMorgan (NYSE: JPM) disclosed that on March 24 they acquired 11,500,000 shares of Common Stock in the open market. They bought the shares at $12.2369.
JPMorgan Chase acquired the shares of Common Stock in order to increase the likelihood that the plan to rescue Bear Stearns will be completed.
Based on JPMorgan Chase's current beneficial ownership and after issuance of the 95,000,000 shares to be acquired pursuant to the Share Exchange Agreement, JPMorgan Chase expects to beneficially own 107,978,295 shares or 44.86% of Issuer’s shares then outstanding.
Depending upon market conditions and other factors, JPMorgan Chase currently expects to continue to acquire beneficial ownership of additional shares of Common Stock in the open market, in privately negotiated transactions or otherwise. JPMorgan Chase expects that after such purchases (and consummation of its purchase of 95 million shares referenced above), it may own as much as 49.5% of the then outstanding Common Stock. JPMorgan Chase reserves the right to change its intention without further notice, except as may be required by law.