The Associated Press writes: Bear Stearns (NYSE:BSC) Cos. shareholders on Thursday approved JPMorgan Chase & Co.’s $2.2 billion buyout of the investment bank whose big wagers on subprime mortgages led to its near-collapse.
The widely anticipated “yes” vote at Bear Stearns’ midtown Manhattan headquarters means the company will officially become part of JPMorgan Chase by Friday. JPMorgan Chase confirmed that Bear Stearns’ shareholders approved the deal, and said it would release the vote tally later.
The bank is buying Bear Stearns for about $10 a share. Back in January 2007, before mortgage defaults began clobbering banks and draining demand from the debt markets, Bear Stearns had traded at $171 a share. Read more from the AP.
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