Bear Stearns Companies Inc. (NYSE: BSC) has an SEC filing out showing that Chairman James "Jimmy" Cayne sold shares the day after JPMorgan Chase (NYSE: JPM) sweetened its bid offering to $10.00.
On March 25, Cayne sold 5,612,922 shares at $10.84 and this says that his direct beneficial ownership of Bear Stearns stock is now ZERO. His wife also sold 45,669 shares at $10.84.
Shares of Bear Stearns closed up 0.18% at $11.23 in normal trading, but shares are down some 4.6% at $10.71 in after-hours.
Maybe some are still hoping for an even higher-yet buyout price, but itdoesn’t look like Cayne does. Either that or he needed more cash toplay card games.
Jon C. Ogg
March 27, 2008
Jon Ogg produces the Special Situation Investing Newsletter and can be reached at email@example.com; he does not own securities in the companies he covers.