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JP Morgan Agees To Buy Bear Stearns In Stock DealDeal Values Bear Stearns At $2 Per Share

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J.P. Morgan Chase has agreed to buy Bear Stearns for $2 a share in an all stock deal. Bear Stearns shareholders will get 0.05473 shares of J.P. Morgan in exchange for their shares, which puts a value of $236 million on Bear. The boards of directors of both companies have approved the transaction.

Articles up at the Wall Street Journal and the New York Times.
Update II: JP Morgan Chase is having a conference call at 8 PM to review the acquisition of Bear Stearns. Call (800) 214-0745 (domestic) / (719) 457-0700 (international), with the access code 614424, or listen via live audio webcast. Thanks to Mr. Pink for the details.