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Cayne says a $61m goodbye to Bear

Jimmy Cayne, the colourful chief executive of Bear Stearns, has sold his entire stake in the investment bank for just over $61m, reports the FT. Cayne sold 5.6m Bear shares for $10.84 each on Tuesday, a day after JPMorgan Chase raised its bid for Bear fivefold to $10 a share, according to an SEC filing. His wife, Patricia, sold 45,669 shares at the same price. Cayne’s sale suggests he does not believe JPMorgan will have to raise its bid. Bear shares slid 5.6% to $10.60 in afterhours trade. The WSJ suggests that Cayne may have sold his stake to help finance his recent purchase of a $26m New York apartment.

This entry was posted by Gwen Robinson on Friday, March 28th, 2008 at 5:50 and is filed under M&A, Capital markets, People. Tagged with , , . You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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Comments

  1. Mar 30   22:25 Posted by Bhavin P. Kapadia [report]

    He’s still a mastermind, but sometimes people get too cozy in their environment and arrogance plays a factor not intelligence.

  2. Mar 29   10:52 Posted by JB [report]

    $26M for an apartment just as the houseing crash is gathering momentum - one great investment afetr another then.

    Somebody keep me posted where this guy gets employed next - so I can avoid them!

  3. Mar 28   10:48 Posted by T [report]

    Hubris…

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