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News > Deals
Bear Stearns up on buzz
October 20, 2000: 6:22 p.m. ET

Speculation on deal with ING Groep sends stock up more than 10%
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NEW YORK (CNNfn) - Shares of brokerage Bear Stearns Cos. Inc. continued to rise in after-hours trading Friday after jumping more than 10 percent in regular trading on markets rumors that it is close to a deal with ING Groep NV.

Shares of Bear Stearns (BSC: Research, Estimates) rose in after-hours trading to $62.25, up 75 cents from its New York Stock Exchange close Friday and up $6.56 from Thursday's closing price, according to Instinet.

graphicThe stock was up as high as 15 percent during regular trading.

The company, which is one of the few remaining independent midsize brokerages, has been talked about as a takeover target after a spate of consolidation in the industry.

In July, Salomon Smith Barney analyst Guy Moszkowski said Bear Stearns' Chief Executive James Cayne has changed his mind and would consider a sale or merger of the New York securities firm.

Moszkowski said Friday he had seen reports about speculation on an ING deal, but had not heard anything more. Back to top





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