Bear Stearns Chairman Cayne Sells $61.3 Mln In Stock

March 27, 2008
Bear Stearns Chairman Cayne Sells $61.3 Mln In Stock

NEW YORK (Reuters) - James Cayne, Chairman of Bear Stearns Cos Inc (BSC.N) sold $61.3 million of his shares of the company according to a filing on Thursday, signaling the bank's shareholders are unlikely to get a higher price for their shares.

JPMorgan agreed earlier this week to increase its original bid for Bear Stearns, which had faced a run on the bank and was close to collapse.