Where’s Exhibit A?
JPMorgan’s deal to buy Bear Stearns has a lengthy merger agreement, but tracking down one important document is proving a challenge.
The Option Agreement, or “Exhibit A”, which supposedly details an option JPMorgan has to buy 20 percent of Bear’s shares, is only mentioned in the agreement, not attached.
Even three days days after the deal was announced, the document hasn’t been filed with the SEC or posted on the companies’ websites. If anyone’s found it please slip it this way and we can make public something that, surely shareholders need to know?
If you’re searching for the merger agreement, the easiest way we’ve found to reach it is on the front of Bear Stearn’s website.
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Speculation began to mount that the JPMorgan Chase & Co (NYSE: JPM) buyout of The Bear Stearns Companies Inc (NYSE:BSC) may never occur, at least not at the bargain-basement price of $2 per share that was agreed to last Sunday, according to a report in The Wall Street Journal. JP Morgan may be forced to pay a higher price because of Tuesday’s run-up in Bear Stearns share value. The other options are JP Morgan’s bid could be supplanted by a higher one from another financial institution or Bear Stearns could file for bankruptcy. However, neither one of these options are going to be necessarily more palatable to the Bear Stearns Directors and its shareholders than the terms that JP Morgan already has on the table. Moreover, the strong personal connections that exist between the two firms’ leadership could mean that additional behind-the-scenes negotiation will resolve any new issues that have emerged since Sunday.
- Posted by NewsVisual