Bear near announcing sale to JPMorgan: source

Sunday, March 16, 2008

NEW YORK/WASHINGTON (Reuters) - JPMorgan Chase & Co (JPM.N) is close to rescuing the fifth-largest U.S. investment bank, Bear Stearns Cos Inc (BSC.N), a person familiar with the matter said on Sunday, in a deal that could be announced in the next few hours.

The Wall Street Journal said on Sunday that Bear Stearns could sell itself for around $2.2 billion, or less than $20 a share.

The low sale price, equal to about two-thirds the company's $30.85 closing share price on Friday, signals just how dire the situation is for the 85-year-old investment bank.

The deal with JPMorgan Chase has not been signed yet, said the person Reuters spoke with on condition of anonymity.

Could This be a fake rumor to drive the price down.. ????

I've seen it happen before!