This story has been amazingly entertaining - drama, controversy, human error. The latest twist - 5X increase in the original price to $10 per share:
?JPMorgan and Bear were prompted to renegotiate after shareholders began threatening to block the deal and it emerged that several ?mistakes? were included in the original . . . . One sentence was ?inadvertently included,? according to a person briefed on the talks, which requires JPMorgan to guarantee Bear?s trades even if shareholders voted down the deal. . . . When the error was discovered, James Dimon, JPMorgan?s chief executive, who was described by one participant as ?apoplectic,? began calling his lawyers at Wachtell, Lipton, Rosen & Katz to seek a way to have the sentence modified, these people said. Finger pointing over the mistakes in the contracts began as bankers blamed the lawyers and vice versa.?
Total price is still less than the market value of Bear Sterns headquarters building. And someone gets extra points for using the word 'apoplectic'. Gotta love it.