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JPMorgan Chase to acquire Bear Stearns

JPMorgan Chase has announced that it is acquiring The Bear Stearns Companies. The stock-for-stock transaction has been approved by boards of directors of both companies.

JPMorgan Chase will exchange 0.055 shares of its common stock per one share of Bear Stearns stock. Effective immediately, JPMorgan Chase is guaranteeing the trading obligations of Bear Stearns and its subsidiaries and is providing management oversight for its operations.

Other than shareholder approval, the closing is not subject to any material conditions. The transaction is expected to have an expedited close by the end of the second quarter of calendar 2008. The Federal Reserve, the Office of the Comptroller of the Currency and other federal agencies have given all necessary approvals.