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On Sunday JPMorgan Chase announced that it will acquire rival Bear Stearns in a deal valued at $236.2 million--or $2 a share--a stunning collapse for one of the world's largest and most venerable investment banks.
Published on March 17, 2008
The last-minute buyout was aimed at averting a Bear Stearns bankruptcy and a spreading crisis of confidence in the global financial system.
The Federal Reserve and the U.S. government swiftly approved the all-stock deal, showing the urgency of completing the deal before world markets opened.
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