Bear Stearns Meeting Over In 10 Minutes Flat: Shareholders Approve Acquisition

Posted by John Carney, May 29, 2008, 10:11am

That sure was quick. We're told the Bear Stearns shareholder meeting is over, and the acquisition by JP Morgan has been approved. The meeting began at 10 am this morning.

Bear Stearns chairman Jimmy Cayne, who has already sold all his shares and so didn't even get to vote at the meeting, presided over the meeting. We're told he said something about Bear being "acquired by a first class firm."

The deal is expected to close before midnight Friday.

Update: From the WSJ's reporting.

Alan Schwartz, Bear's CEO, [Turns out it was Cayne who] made a brief statement: "It's a sad day but we'll get through it, and we may be better off for it ... The company that is taking us over, or is merging with us, is a first-class company. ... That which doesn't kill you makes you stronger. By now we all must be Hercules. ... We ran into a hurricane.... There's no anger; there's simply remorse."

Mr. SchwartzMr. Cayne said he "personally" apologized, saying he was "sorry that it happened. Words alone can't describe the pain that I feel."

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Posted in: Bear Stearns, JPMorganChase

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