Advertisement

BRIEFLY

December 14, 1987

Jardine Strategic Holdings Ltd. said it would defend in court its right to scrap an offer to buy a 20% stake in Bear Stearns Cos. Earlier, New York-based investment banker Bear Stearns said it was suing Jardine in U.S. federal court, alleging that the Hong Kong company wrongfully ended its agreement to buy the stake for about $390 million. Jardine said in September that it would buy up to 16.3 million common shares of Bear Stearns at $23 each and 70,000 cumulative convertible preferred shares for $228.72 each. But the value of the stock has fallen since the market crash.

Advertisement
Los Angeles Times Articles
|
|
|