Bear Stearns Shareholders Sign Off On Merger

Law360, New York (May 29, 2008, 12:00 AM EDT) -- Two months after the collapse of the Bear Stearns Cos., a majority of shareholders in the investment bank has voted to accept the $2.2 billion buyout deal proposed by JP Morgan Chase & Co., marking Bear's official demise after 85 years in business.

On Thursday, 84% of shareholders voted to allow JP Morgan to snatch up Bear Stearns at $10 a share and rescue the firm from the brink of bankruptcy, JP Morgan said.

The proposal had previously met with some resistance from certain shareholders, who...
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