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News in Brief / NEW YORK

Bear Stearns may go for $10 a share

March 24, 2008|From Times Wire Reports

JPMorgan Chase & Co was in talks to quintuple its offer to buy Bear Stearns Cos. to $10 per share in an effort to pacify angry Bear Stearns shareholders, the New York Times reported.

JPMorgan's agreement to pay $2 per share was considered a fire-sale price after the Wall Street bank saw the value of its investments pummeled by the sub-prime mortgage meltdown. Though the agreement has support from federal regulators, the Federal Reserve is balking at the new price, the newspaper said.

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