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$2 a share. JPMorgan also struck a deal to buy 95 million new Bear shares, a stake of 39.5 percent.
All told, the deal will cost JPMorgan roughly $9 billion in stock, transaction-related costs, and potential losses from Bear’s portfolio.
The revised offer was intended to seal the deal and encourage Bear clients and employees to stay put. But employees are facing massive layoffs, with media reports saying up to half of Bear’s staff could get cut.
While doubts about the future of Bear businesses at JPMorgan persist, the bank has decided to integrate Bear’s prime brokerage and clearing operations. It is also keen on keeping the retail brokerage business, which will continue to operate under the Bear name, according to people familiar with JPMorgan’s plans.
