Dimon Offers Bear Stearns Bankers Stock, Cash to Stay |
| Bloomberg - Mar 20, 2008 |
JPMorgan Chase & Co. Chairman Jamie Dimon offered Bear Stearns Cos. managing directors cash and stock incentives to win their support for a takeover and prevent them from leaving the firm, two people familiar with the matter said.
Dimon said executives asked to remain after the takeover will be granted additional JPMorgan stock, said the people, who attended a meeting yesterday evening at Bear Stearns's New York headquarters when he made the proposal. The people asked not to be identified because the meeting was private.
About one-third of Bear Stearns stock is owned by employees, with a large concentration in the hands of senior managing directors. Their support might help JPMorgan counter opposition from billionaire Joseph Lewis, who owns 8.4 percent of Bear Stearns and said yesterday he may seek an alternative proposal.
Read Full Article from Bloomberg
- Posted: 2008-03-20 08:13:15
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