![]()
- Bear, Lehman Execs Weren't Wiped Out by Crisis: Study
- How Real Estate Investors Skew Housing's Reality
- Wall Street 'Bonuses' Disappearing—but Only in Name
- Even Buffett's Huge Fame Can't Help the Name 'Warren'
- Wave of Debt Payments Facing US Government
- JPMorgan's Dimon Could Succeed Geithner: Report
- Maria Blog: Are Crazy Retail Deals Good for Business?
- Treasury Auction of $44 Billion Gets Good Response
- Suze Orman’s 'A Healthier, Wealthier You'
- Help Wanted—Please Run $4 Billion University
- Apple Comes to AT&T's Rescue
- Rally Could 'Have Some Legs in 2010': Market Strategist
- Investors May Skew Housing Reality
- Buffett's Wealth and Fame Hasn't Helped 'Warren' As a Name
- Are Crazy Retail Deals Good for Business?
- Expect a 'Square Root-Shaped' Recovery: Chief Investor
- Madoff—The Holiday Drink
- HP to Feed on Enterprise Spending Next Year: Tech Analyst
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Existing-Home Sales Jump To Highest Level in 2-1/2 Years
- Wave of Debt Payments Facing US Government
- Paul: Audit the Fed
- Start-Up Proves Everything Really Is Better With Bacon
- TV Retailer QVC Joins 'Black Friday' Frenzy
- Buffett's Wealth and Fame Hasn't Helped 'Warren' As a Name
- S&P Stocks Trading at New 52-Week Highs
- Madoff—The Holiday Drink
- China Asks Its Banks to Slow Down
Bear Stearns shares fell nearly 5 percent Friday after Chairman James Cayne, who was seen as opposing JPMorgan Chase's acquisition of the investment bank, sold his stock.
"It is symbolic that he's selling," said David Dreman, chief investment officer of Dreman Value Management, a New Jersey based fund manager that has over $18 billion under management. "It lessens the potential enormously for a long drawn out battle."
"I think he knows that they're not going to get much more," said Dreman, whose firm owns JPMorgan shares.
In a filing on Thursday, Cayne, who stepped down as chief executive of Bear in January after nearly 15 years at the helm, disclosed that he sold all of the 5.6 million Bear shares he directly held. His wife also sold all of her nearly 46,000 shares.
JPMorgan has offered about $10 per share in its acquisition of Bear Stearns
[BSC
Loading...
()
]. That was increased from the original offer of $2 per share amid speculation that major shareholders would not accept the deal on those terms.
Cayne sold 5.66 million shares for exactly $10.84 a share for $61.3 million. However, it was not known if those shares were dumped into the open market or if Cayne sold them to another party.
A spokesman for Bear Stearns would not comment on the sale.
Shares of Bear Stearns have traded above the prices offered since the deal was announced as some investors felt a rival bid might be in the offing. There has also been speculation that Cayne might try and muster a competitive offer with Joseph Lewis, a billionaire financier who is Bear Stearns' second-largest shareholder.
Telephone calls to Lewis were not immediately returned.
- The show attracts a big TV audience every year, but this year it may take on even more importance.
- …you'll want to be prepared. Tips for getting the most out of the post-Thanksgiving shopping frenzy.
- Congressman Ron Paul explains to Squawk Box why he’s pushing legislation to audit the Federal Reserve.
- CNBC’s Phil LeBeau took a test drive of GM’s flagship electric car. Here’s what he thought of the Volt.
- The energy company Power Efficiency is building tools that regulate the power electric motors use.
- CNBC’s technology reporter Jim Goldman guides you through the best gadgets to buy this holiday season.












