March 17, 2008 / 12:40 AM / 10 years ago

RPT-JPMorgan says to buy Bear Stearns for $2 a share

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NEW YORK, March 16 (Reuters) - JPMorgan Chase & Co (JPM.N) said on Sunday it would buy troubled rival Bear Stearns BSC.N for about $2 a share in an all-stock deal, and that the Federal Reserve would fund up to $30 billion of Bear Stearns’ less liquid assets.

In a statement, JPMorgan said it would exchange 0.05473 shares of its stock for one share of Bear Stearns’ stock. It is guaranteeing the trading obligations of Bear Stearns and its subsidiaries.

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