Bear Stearns Eyes Takeover of Bear Wagner with Buyout
Traders Magazine, February, 2007 by Peter Chapman
Majority owner Bear Stearns is in negotiations to purchase the 40 percent stake of New York Stock Exchange specialist firm Bear Wagner that it does not own.
The big brokerage house owns Bear Wagner jointly with Hunter Partners. Bear Stearns is said to be trying to reach a final price with Hunter for complete ownership of Bear Wagner.
Behind the move is a desire of partners at Hunter to retire and cash out. But Hunter does not have enough cash to buy them out. So it has been forced to raise capital, say sources close to the firms.
Executives from Bear Wagner and Bear Stearns would not comment. Bear Stearns is offering the Hunter partners $30 million, sources say. That is about one-third of the book value of the partnership and down from an earlier proposal...
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