BLOOMBERG- Bear Stearns Cos. surged more than 50 percent in early trading in New York after the New York Times reported that JP Morgan Chase & Co. may quintuple its takeover offer for Bear Stearns Cos. to more than $1 billion in an effort to win support from employees and shareholders opposed to the deal.
Bear Stearns rose $3.74 to $9.70 at 8:05 a.m. in New York. JPMorgan is in talks to raise its all-stock bid to $10 a share from $2, the Times said today, citing unnamed people involved in the negotiations. The Federal Reserve, which helped engineer the takeover after customer withdrawals crippled the New York-based firm, is uncomfortable with any plan that might be perceived as an investor bailout, the report said.
