March 26, 2008
Pension Plans Sue Bear Over JPMorgan Merger
Two pension plans have sued the Bear Stearns board in Delaware, alleging that the $10 price for Bear Stearns stock offered by JP Morgan is "grossly inadequate" and that the board breached its duty in agreeing to the price. They seek a preliminary injunction to stop Bear from selling 95 million shares (39.5%) to JP Morgan to lock up the deal. WSJ, Big Task: Digesting a Bear.
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