JP Morgan Ups Bear Stearns Offer To $10 Per Share

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Last week it was beginning to look like Bear Stearns (BSC) was being purchased for the rock bottom price of just under $250 million. However, a number of BSC shareholders were quite aggrieved at the thought of letting the venerable company go so cheap, despite a number of long standing operational problems. JP Morgan (JPM) today upped the offer to $10 per share in an attempt to please the angry stakeholders.

Jamie Dimon of JP Morgan spent the week listening to Bear Stearns employees, who owned up to 1/3rd of the company say they wanted more.

We believe the amended terms are fair to all sides and reflect the value and risks of the Bear Stearns franchise,” Dimon said in a statement, “and bring more certainty for our respective shareholders, clients, and the marketplace.”

The total offer is 5 times more than the previous one from last week. Whether that is enough to appease disgruntled shareholders remains to be seen.

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