Bear Stearns takeover approved

The $10 per share deal was backed by investors in a special meeting in New York. The bank, once a Wall Street giant, had to be rescued by the Federal Reserve after it was unable to secure funds due to the credit crunch. Some have called the bank the ‘US Northern Rock’, as its situation mirrored the demise of the first UK bank to suffer a run on its funds for over 100 years. Some investors were angry at receiving such a small price for their shares, which were valued at $158 at their peak. If you would like to comment on this story, contact: John Bakie Tel: 020 7484 9805 e-mail: Jo...