Bear Stearns Chairman Cayne Sells His Entire Stake in the Firm
By Yalman Onaran
March 27 (Bloomberg) -- Bear Stearns Cos. Chairman James "Jimmy" Cayne sold his shares in the firm prior to a shareholder vote on the company's pending takeover by JPMorgan Chase & Co.
Cayne sold 5.6 million shares at $10.84 a piece on March 25 on the New York Stock Exchange, according to a regulatory filing today. Bear Stearns spokesman Russell Sherman had no comment on why or to whom Cayne sold his shares.
Good for you, Jimmy. After all, if Lazard said $2.00 a share was fair, and $10.00 a share was fairer, then surely $10.84 is even more fairer-er.
Send us a postcard from the Plaza, will ya?
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