And those BSC calls that were going for a few pennies yesterday were a
good deal when nobody wanted them. Contrarian investing at its best!!!
British billionaire Joe Lewis is working to
block JP Morgan Chase's 236 mln usd takeover of peer Bear Stearns
(NYSE:BSC) in order to negate a 1 bln usd loss he now faces as a major
shareholder of the ailing investment bank, the Daily Telegraph reported.
Lewis, whose Tavistock Group is Bear's second largest investor with a
9.4 pct stake, is understood to be deeply unhappy with JP Morgan's 2
usd-a-share offer, the newspaper added without naming sources.
Lewis is involved in a number of alternative strategies, including
talking to potential rival bidders who might act as a white knight, it
Other options he is considering include voting against JP Morgan's
offer at the scheduled shareholders' meeting, something that would only
work if he were to garner the support of other investors.