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.

US pension funds seek emergency block of Bear deal | Reuters