JPMorgan upped its bid for Bear Stearns from $2 to $10, and Bear shares rallied past the $10 mark on the news. The Squawk Box roundtable debated whether this is an indication the saga will continue.
“This time I think it’s for real,” said Andrew Ross Sorkin, of the NY Times. “Most of the smart people I know last week were betting more than $2 had to happen. Most of the smart people I know are not betting that they’re getting more than $10.
Sorkin is betting Bear Stearns’ largest shareholder, Joe Lewis, will back down and the deal will get done the week after next. Others, however, think the battle for Bear Stearns will drag on.