Bear Stearns acquired by JPMorgan Chase

By Lisa Kerner

Charlotte, N.C., June 2 - JPMorgan Chase & Co. said its acquisition of Bear Stearns Cos. Inc. became effective at 11:59 p.m. ET on Friday.

As a result of the merger, each outstanding share of Bear Stearns common stock was converted into the right to receive 0.21753 shares of JPMorgan Chase common stock, a JPMorgan news release said.

Depositary shares, each representing a one-fourth interest in a share of Bear Stearns preferred stock, will continue to trade on the New York Stock Exchange.

Bear Stearns' debt securities that traded on the New York Stock Exchange or American Stock Exchange immediately prior to the merger's close will continue to trade on those exchanges, JPMorgan noted.

JPMorgan is a New York financial services firm with assets of $1.6 trillion and operations in more than 60 countries.

Bear Stearns is an investment banking, securities and derivatives trading, and clearance and brokerage company based in New York.

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