Morgan raises bid for Bear to $10 a share

NEW YORK JPMorgan Chase & Co. raised its takeover offer for Bear Stearns Cos. yesterday to $10 a share from $2 and struck a deal to buy nearly 40 percent of the bank.

The new offer is still 68 percent below the March 14 closing price of Bear shares, which last year peaked at $170.23.

Bear, recently ranked the fifth-largest U.S. investment bank, collapsed as large subprime mortgage losses and falling confidence in the company prompted a run on the bank.