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NEW YORK - BRITISH billionaire Joseph Lewis plans to take action to protect the value of his 8.4 per cent stake in Bear Stearns Cos, which is being acquired in an emergency deal with JPMorgan Chase & Co, according to regulatory filing on Wednesday.
In a Securities and Exchange Commission filing Wednesday, Mr Lewis reported holding 12.1 million shares of the New York-based investment bank. He holds the stake through Aquarian Investments Ltd, Cambria, Nivon and other entities.
Nivon bought more than 500,000 Bear Stearns shares on March 13 for US$55.13 (S$76.47) apiece, just days before Bear Stearns agreed to be acquired for US$2 per share.
Mr Lewis said the shareholder group will take 'whatever action that they deem necessary and appropriate to protect the value of their investment in the shares,' including encouraging Bear Stearns and third parties to consider an alternative transaction.
Bear Stearns was forced to accept the deal after risky bets on securities tied to subprime mortgages pushed the bank to the brink of collapse.
Mr Lewis, a magnate who controls more than 170 companies, first reported taking a 7 per cent Bear Stearns stake in September. The investment made him one of the company's largest shareholders. -- AP
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