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Bear Stearns up for sale
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July 25, 2000: 12:51 a.m. ET
Top investment bank looking for buyer according to research report
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NEW YORK (CNNfn) - Bear Stearns has advised plenty of companies on acquisitions and now the venerable investment bank is rolling out its own "For Sale" sign.
In a report issued Monday, Salomon Smith Barney analyst Guy Moszkowski said Bear Stearns' Chief Executive James Cayne has changed his mind about considering a sale or merger of the New York securities firm. Cayne has made "it quite clear that an acquisition is not out of the question," the report said.
"The world is changing, and we recognize that a synergistic combination might be in the best interest of shareholders," Cayne told The Wall Street Journal.
Companies like Bear Stearns are in demand in a rapidly consolidating financial services industry. The company is seeking to give its stock a kick similar to the jump PaineWebber saw earlier this month when it agreed to be bought by UBS. According to the Journal, Cayne is seeking a price four times the firm's current book value, which translates to $18.9 billion or $120 per share.
Shares of Bear Stearns (BSC: Research, Estimates) jumped 3-7/16 to 49-3/4 Monday on the New York Stock Exchange. 
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