Two Michigan pension funds are seeking emergency court action to stop the planned takeover of Bear Stearns Cos Inc (BSC.N: Quote, Profile, Research) by JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) from moving forward, according to court papers. Lawyers for the pension funds said that JPMorgan’s $10-a-share revised offer for the company — up from $2 a share initially — was «grossly inadequate.» In the court papers, the funds› lawyers said that the deal provisions also effectively block any potential third-party bidder from making an offer.
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