Browse the latest corporate news from Bear Stearns.
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April 29, 2008 // Franchising.com // New York—The Bear Stearns Companies Inc. (NYSE: BSC) today announced that a special shareholders meeting will be held on Thursday, May 29, 2008, to consider approval and adoption of the agreement and plan of merger between Bear Stearns and JPMorgan Chase & Co. dated March 16, 2008, as amended. Stockholders of record at the close of business on April 18, 2008, will be entitled to notice of, and to vote at, the special meeting. The special meeting will be held at Bear Stearns' global headquarters located at 383 Madison Avenue, 2nd Floor, New York, New York at 10:00 a.m., local time.
The Bear Stearns Companies Inc. (NYSE: BSC) serves governments, corporations, institutions and individuals worldwide... |
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April 08, 2008 // Franchising.com // NEW YORK, NY— The Bear Stearns Companies Inc. (NYSE: BSC) today announced that the New York Stock Exchange (the "NYSE") has accepted the company's application of the financial viability exception to the NYSE's shareholder approval policy in connection with the company's issuance of 95 million shares of its common stock to JPMorgan Chase & Co. The shares are being issued pursuant to a share exchange agreement entered into between Bear Stearns and JPMorgan Chase in connection with the merger agreement between the parties.
The closing of the sale of the 95 million shares is expected to occur on or about April 8, 2008.
The Bear Stearns Companies Inc. (NYSE: BSC) serves governments, corporations, institutions and individuals worldwide... |
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The Bear Stearns Current Yield Fund (YYY) begins trading on the American Stock Exchange on March 25, 2008
March 25, 2008 // Franchising.com // NEW YORK, New York —Bear Stearns Asset Management ("BSAM') announced that the Bear Stearns Current Yield Fund (AMEX: YYY), the first actively managed exchange traded fund (ETF), will begin trading on the American Stock Exchange today.
YYY, or Triple-Y, is composed of a variety of short-term fixed income instruments. The Fund aims to generate higher returns than a money market fund by investing in diversified, high-quality securities, including government securities, municipal securities, bank obligations, corporate and securitized debt. Triple-Y Shares can be purchased and sold intraday, with pricing every 15 seconds on the exchange and portfolio holdings fully disclosed each day via BSAM's website www... |
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March 25, 2008 // Franchising.com // New York – JPMorgan Chase & Co. (NYSE: JPM) and The Bear Stearns Companies Inc. (NYSE: BSC) announced an amended merger agreement regarding JPMorgan Chase's acquisition of Bear Stearns.
Under the revised terms, each share of Bear Stearns common stock would be exchanged for 0.21753 shares of JPMorgan Chase common stock (up from 0.05473 shares), reflecting an implied value of approximately $10 per share of Bear Stearns common stock based on the closing price of JPMorgan Chase common stock on the New York Stock Exchange on March 20, 2008.
In addition, JPMorgan Chase and Bear Stearns entered into a share purchase agreement under which JPMorgan Chase will purchase 95 million newly issued shares of Bear Stearns common stock, or 39... |
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NEW YORK--(BUSINESS WIRE)--JPMorgan Chase & Co. (NYSE: JPM) announced it is acquiring The Bear Stearns Companies Inc. (NYSE: BSC). The Boards of Directors of both companies have unanimously approved the transaction.
The transaction will be a stock-for-stock exchange. JPMorgan Chase will exchange 0.05473 shares of JPMorgan Chase common stock per one share of Bear Stearns stock. Based on the closing price of March 15, 2008, the transaction would have a value of approximately $2 per share.
Effective immediately, JPMorgan Chase is guaranteeing the trading obligations of Bear Stearns and its subsidiaries and is providing management oversight for its operations. Other than shareholder approval, the closing is not subject to any material conditions... |
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March 14, 2008 // Franchising.com // NEW YORK – New York – The Bear Stearns Companies Inc. announced today it reached an agreement with JPMorgan Chase & Co. (JPMC) to provide a secured loan facility for an initial period of up to 28 days allowing Bear Stearns to access liquidity as needed. Bear Stearns also announced that it is talking with JPMorgan Chase & Co., regarding permanent financing or other alternatives.
Alan Schwartz, president and chief executive officer of The Bear Stearns Companies Inc., said, "Bear Stearns has been the subject of a multitude of market rumors regarding our liquidity. We have tried to confront and dispel these rumors and parse fact from fiction. Nevertheless, amidst this market chatter, our liquidity position in the last 24 hours had significantly deteriorated... |
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March 14, 2008 // Franchising.com // NEW YORK – New York – The Bear Stearns Companies Inc. (NYSE: BSC) plans to host a conference call today at 12:30 p.m. EDT to address speculation in the marketplace related to its announcement this morning. The company will announce its first quarter 2008 financial results on Monday, March 17, 2008, after the market close.
Those wishing to listen to today's call should dial toll-free 1-800-374-2412 (or 1-706-634-7253 for international callers) at least 10 minutes prior to the start of the call to ensure connection to the conference. The conference call will also be accessible through the firm's Web site at http://www.bearstearns.com. For those unable to listen to the live broadcast of the call, a replay will be available later this afternoon on the company's Web site or by dialing 1-800-642-1687 (or 1-706-645-9291 for international callers)... |
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March 11, 2008 // Franchising.com // NEW YORK – New York – The Bear Stearns Companies Inc. today denied market rumors regarding the firm's liquidity. The company stated that there is absolutely no truth to the rumors of liquidity problems that circulated today in the market.
Alan Schwartz, President and CEO of The Bear Stearns Companies Inc., said, "Bear Stearns' balance sheet, liquidity and capital remain strong."
Bear Stearns will announce its first quarter 2008 financial results on Thursday, March 20, 2008, in a press release that will be issued prior to the opening of the New York Stock Exchange. The press release will also be available on the firm's Web site at www.bearstearns.com.
About Bear StearnsFounded in 1923, The Bear Stearns Companies Inc... |
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March 04, 2008 // Franchising.com // New York, NY — The Bear Stearns Companies Inc. (NYSE: BSC) plans to announce its first quarter 2008 financial results on Thursday, March 20, 2008, in a press release that will be issued prior to the opening of the New York Stock Exchange. The press release will also be available on the firm's Web site at http://www.bearstearns.com.
Following the release of the financial results, a conference call to discuss the firm's results will be held at 10:00 a.m., (ET) on March 20, 2008. Those wishing to listen to the call should dial toll-free 1-800-374-2412 (or 1-706-634-7253 for international callers) at least 10 minutes prior to the start of the call to ensure connection to the conference. The conference call will also be accessible through the firm's Web site at http://www... |
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February 04, 2008 // Franchising.com // NEW YORK, NY — The Bear Stearns Companies Inc. (NYSE:BSC) announced today that Samuel L. Molinaro Jr., chief operating officer and chief financial officer is scheduled to speak at the Credit Suisse Financial Services Forum on Friday, February 8, 2008 at 7:30 a.m. (ET).
Mr. Molinaro's presentation will be simultaneously broadcast on the firm's Web site at www.bearstearns.com and will be available until Thursday, May 8, 2008. Slides used in the presentation will also be available on the firm's web site.
About Bear Stearns
Founded in 1923, Bear Stearns (NYSE: BSC) is a leading financial services firm serving governments, corporations, institutions and individuals worldwide... |
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January 14, 2008 // Franchising.com // New York, New York — The Bear Stearns Companies Inc. (NYSE:BSC) announced today that James E. Cayne has informed the board of directors of his desire to step down as chief executive officer, effective immediately. While Mr. Cayne will retire from the firm, he will stay on as chairman of the board of directors and will be succeeded as chief executive officer by Bear Stearns president Alan D. Schwartz.
"Jimmy has much to be proud of -- under his leadership Bear Stearns has grown substantially over the past 15 years, with revenues increasing to $7 billion from $2 billion and the number of our employees more than doubling to 14,000," said Vincent Tese, Bear Stearns lead independent director... |
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NEW YORK--(BUSINESS WIRE)--The Bear Stearns Companies Inc. (NYSE:BSC) announced today that James E. Cayne has informed the board of directors of his desire to step down as chief executive officer, effective immediately. While Mr. Cayne will retire from the firm, he will stay on as chairman of the board of directors and will be succeeded as chief executive officer by Bear Stearns president Alan D. Schwartz.
"Jimmy has much to be proud of -- under his leadership Bear Stearns has grown substantially over the past 15 years, with revenues increasing to $7 billion from $2 billion and the number of our employees more than doubling to 14,000," said Vincent Tese, Bear Stearns lead independent director. "This was his decision, and we are very pleased that he has agreed to stay actively involved in the business as chairman of the board... |
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Richard Allen and David Kahn Join Public Finance Group
January 07, 2008 // Franchising.com // New York —Bear Stearns announced today that Richard L. Allen and David M. Kahn will join the firm as managing directors in public finance, responsible for arranging financing for local school districts in the State of Michigan.
Mr. Allen has concentrated on primary and secondary educational financing and has been associated with school finance since the early 1980s. Mr. Kahn served 27 years in public education before entering the securities industry in 1998. They will report to Bob Foran, senior managing director and Head of Public Finance.
"We are honored to welcome these highly respected professionals to our firm," Mr... |
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Record Year in Institutional Equities, Global Clearing Services and Private Client Services
Fourth quarter loss reflects net mortgage-related write downs of $1.9 billion
December 20, 2007 // Franchising.com // NEW YORK, NY — The Bear Stearns Companies Inc. (NYSE:BSC) reported results today for the fiscal year and the fourth quarter ended November 30, 2007. For the fiscal year the company reported $1.52 earnings per share (diluted), compared with $14.27 for fiscal 2006. Net income for the fiscal year was $233 million compared with $2.1 billion earned in fiscal year ended November 30, 2006. Net revenues for the 2007 fiscal year were $5.9 billion, compared with $9.2 billion in the prior fiscal year. The after-tax return on common stockholders' equity was 1... |
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96 Analysts Produce An Indispensable Guide to Investing Resources
December 20, 2007 // Franchising.com // New York, NY — Bear Stearns Equity Research has introduced its most radical, annual Vantage Point 2008 publication to date. This year's edition is entitled 'The Golden Book of Transcendental Links', revealing sources that the firm's award-winning, equity research analysts find most vital in today's exploding information age. Investors will use these links to navigate the ever-expanding wilderness of financial information and data.
'The Golden Book of Transcendental Links' contains a collection of tactical resources from 96 analysts across the globe. Their wealth of knowledge covers 107 categories within 12 industries – including economics, consumer, accounting & tax policy, energy, and healthcare... |
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December 10, 2007 // Franchising.com // New York, New York —The Bear Stearns Companies Inc. (NYSE: BSC) plans to announce its fiscal year and fourth quarter 2007 financial results on Thursday, December 20, 2007, in a press release that will be issued prior to the opening of the New York Stock Exchange. The press release will also be available on the firm's Web site at http://www.bearstearns.com.
Following the release of the financial results, a conference call to discuss the firm's results will be held at 10:00 a.m., (ET) on December 20, 2007. Those wishing to listen to the call should dial toll-free 1-800-374-2412 (or 1-706-634-7253 for international callers) at least 10 minutes prior to the start of the call to ensure connection to the conference... |
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NEW YORK, New York — The Bear Stearns Companies Inc. announced today that Samuel L. Molinaro Jr., chief operating officer and chief financial officer, is scheduled to speak at the Merrill Lynch Banking & Financial Services Investor Conference on Wednesday, November 14, 2007, at 8:00 a.m.(ET). He will discuss the company's recent results and corporate strategy.
Mr. Molinaro's presentation will be simultaneously broadcast on the firm's web site at http://www.bearstearns.com. Slides used in the presentation will also be available on the firm's website.
About Bear Stearns
Founded in 1923, Bear Stearns (NYSE: BSC) is a leading financial services firm serving governments, corporations, institutions and individuals worldwide... |
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Firm To Sponsor Efforts Of Volunteer Response Team Providing International Disaster Relief
November 09, 2007 // Franchising.com // NEW YORK, New York — The Bear Stearns Companies Inc. is pleased to announce today that it is the lead corporate sponsor of H.E.A.R.T. (Healing Emergency Aid Response Team) 9/11, a non-profit volunteer response team comprised of veteran police officers, fire fighters and construction workers, all of whom worked on the rescue and recovery after the September 11th attacks. They are also joined by family members of victims of the tragedy.
The primary mission of H.E.A.R.T. 9/11 is to aid in disaster relief efforts around the world by organizing teams of volunteer rescue and recovery workers to help affected areas... |
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November 09, 2007 // Franchising.com // NEW YORK, New York — The Bear Stearns Companies Inc. (NYSE:BSC) today announced its subsidiary Bear Energy LP has completed the purchase of substantially all of the power assets of Williams Power Company, Inc., a subsidiary of Williams (NYSE:WMB). As part of the transaction, which was announced in May, Bear Energy has acquired approximately 7,500 megawatts of gas-fired tolling capacity, 1,800 megawatts of full requirements power supply contracts with cooperatives in Georgia and Pennsylvania, and an associated trading book. Bear Energy will also hire more than 30 Williams Power Company employees.
"The energy business represents an important strategic opportunity for our firm," said Bear Stearns chairman and chief executive officer James E... |
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October 19, 2007 // Franchising.com // NEW YORK, NY — Bear Stearns Capital Trust III, a special purpose trust controlled by The Bear Stearns Companies Inc. (NYSE: BSC), today announced its regular quarterly cash distribution on its outstanding shares of 7.8% Trust Issued Preferred Securities.
Bear Stearns Capital Trust III announced a cash distribution of 48.75 cents per share on the outstanding shares of its 7.8% Trust Issued Preferred Securities payable November 15, 2007 to holders of record on November 1, 2007.
Bear Stearns Capital Trust III is a statutory business trust created under Delaware law. All of its common securities are owned by The Bear Stearns Companies Inc. Bear Stearns Capital Trust III exists solely to issue and sell its common and preferred securities, using the proceeds to acquire debentures issued by The Bear Stearns Companies Inc... |
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Founded in 1923, The Bear Stearns Companies Inc. (NYSE:BSC) is a leading financial services firm serving governments, corporations, institutions and individuals worldwide.
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