Bear Stearns shareholders OK JPMorgan deal

Bear Stearns Cos. Inc. stockholders today approved its acquisition by JPMorgan Chase & Co. at a special meeting. About 84% of shares voted in favor of the deal, according to a news release from JPMorgan. The deal is scheduled to close on Friday. Each outstanding share of Bear Stearns common stock will be converted into the right to receive 0.21753 shares of JPMorgan Chase common stock. Bear Stearns will become a direct subsidiary of JPMorgan Chase.