Bear Stearns (BSC) Holder Lewis May Take Action Due to Merger After Losing Over $1.2 Billion

In an amended 13D filing on Bear Stearns (NYSE: BSC), billionare Joseph Lewis, an 8.35% holder, noted he may take actions to protect his investment following this weekend's sale to JPMorgan (NYSE: JPM)

From the filing, "In light of the announcement of the Proposed Transaction, the Reporting Persons are evaluating recent events and the Proposed Transaction and will take whatever action that they deem necessary and appropriate to protect the value of their investment in the Shares, which may relate to or could result in the transactions or changes contemplated by Items 4(a) through 4(j) of Schedule 13D. The Reporting Persons may communicate with the Issuer, other shareholders or third parties regarding their concerns about the actions taken by the Issuer. The Reporting Persons may also attempt to encourage the Issuer and third parties to consider other strategic transactions or alternatives involving the Issuer."

Lewis disclosed he paid about $1,260,913,899 for his 12,136,724 shares. If the currently proposed deal goes through, this investment is now worth only $28,157,200 - a dramatic loss of $1,232,756,699. [LJ]

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