The Biggest Loser

March 20, 2008

British investor Joseph Lewis, who with more than a 10% stake in Bear Stearns through his various investment vehicles is the largest shareholder at Bear Stearns, announced in a filing with the Securities and Exchange Commission late Wednesday that he may push Bear Stearns (BSC, Fortune 500) as well as other third parties to consider other deals and alternatives to the proposed fire-sale purchase of the firm by JP Morgan Chase (JPM, Fortune 500) for only $2 a share.

Lewis’ filing showed his Nivon investment unit snapped up 569,000 shares of Bear Stearns on March 13 for $55.13 a share, the day before share prices started to collapse. The deal for Bear Stearns, brokered by the Federal Reserve, was announced March 16.

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