WaMu snubbed an earlier J.P. Morgan bid: report |
| MarketWatch - Apr 9, 2008 |
Troubled thrift Washington Mutual Inc. snubbed an earlier takeover offer from J.P. Morgan Chase & Co. prior to receiving a $7 billion bailout from private equity firm TPG and a consortium of investors, The Wall Street Journal reported Wednesday.
J.P. Morgan spokesman Joe Evangelisti declined to comment on the report to MarketWatch Wednesday. WaMu's spokesman Derek Aney did not immediately respond to requests for comment.
The newspaper cited unnamed sources close to the deal as saying that J.P. Morgan made an all-stock offer for WaMu worth as much as $8 a share. But the bank rebuffed the deal, saying the offer was unclear and worth significantly less than $8 a share, the report said.
J.P. Morgan executives were reportedly furious that WaMu rejected the bid and thus immediately ended any further negotiations, the Journal said.
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- Posted: 2008-04-09 08:38:20
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