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Politics : Welcome to Slider's Dugout

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From: jim_p3/16/2008 7:27:52 PM
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Breaking News Alert
The New York Times
Sunday, March 16, 2008 -- 7:18 PM ET
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JPMorgan Chase Says It Will Acquire Bear Stearns for $2 a Share

Bear Stearns, facing collapse because of the mortgage crisis, agreed Sunday evening to be bought by JPMorgan Chase for a bargain-basement price of less than $250 million, the two companies announced.

The all-stock deal values Bear Stearns at about $2 a share, based on JPMorgan's closing stock price on Friday, the companies said. In contrast, shares of Bear Stearns, which fell $27 on Friday, closed at $30.
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