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Shares rebound as JPMorgan Chase raises Bear Stearns bid

World markets have rebounded following the news that JPMorgan is lifting its bid for troubled investment bank Bear Stearns to $10 (£5) a share.

At 9.40am the FTSE 100 is up 171 points to 5666.6, while the Dax has risen 177 points to 6497.8.

The news also saw the Dow Jones skyrocket yesterday closing 1.52 per cent up at 12548.6.

JPMorgan Chase was originally offering $2 a share for Bear Stearns, however many of the banks shareholders were angered by the bargain basement price.

The reviewed offer values Bear Stearns at the £1bn mark with JPM also set to scoop 95 million shares equivalent to 39.5 per cent of the bank.

Bear Stearns shares rose on the back of the new to $11.25 per share, up $5.29.

As part of the deal JPMorgan Chase also agreed to pay $1bn of Bear Stearns losses with the Fed to cover the other $29bn.

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