It was the end of an era on Wall St. as the 85-year old Bear Stearns (BSC) officially became part of JP Morgan (JPM) today. A majority of Bear shareholders approved the $2.3 billion sale this morning, finalising the collapse of what was once the fifth largest securities firm in the US. Bear Stearns’ gravestone will now forever lie next to Drexel Burnham Lambert’s. CNN:
JPMorgan Chase completed its historic bid for Bear Stearns Thursday, effectively closing one of the more dismal chapters in the annals of Wall Street.
Nearly two-and-a-half months after the extraordinary tie-up was revealed, a majority of Bear Stearns (BSC, Fortune 500) shareholders endorsed the proposed takeover at a special meeting, according to JPMorgan officials.
The approval of the deal, which was widely expected, marks the start of a new phase for JPMorgan ripe with possibility and risk. With the acquisition, JPMorgan has broadened its investment banking footprint but inherited a big tab to clean up Bear’s problems.
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