J.C. Flowers made bid for Bear Stearns

J.C. Flowers & Co. offered to pay $3 billion for a 90% equity stake in Bear Stearns Cos. one day before JPMorgan Chase & Co. agreed to buy the securities firm for about $240 million.

The March 15 proposal from Flowers, the private equity firm founded by former Goldman Sachs Group Inc. banker J. Christopher Flowers, fell apart the next day when his company failed to get bank financing and Federal Reserve backing, according a regulatory filing from JPMorgan on Friday.

The filing refers to Flowers as "Bidder A." Two people familiar with the transaction confirmed that Flowers' firm was the bidder. He didn't return a call seeking comment.

Bear Stearns was forced to sell itself March 16 to JPMorgan after customers and lenders fled on concerns the company faced a cash shortage.