JPM got a much better deal. Cash offer can stop the WM equity owner from any future stock price appreciation.  As some other poster pointer out, cash buying usually indicate an business is buying an undervalued asset.  Plus, WM was near bankruptcy when JPM took over...meaning as soon as FDIC took over, it wiped out the equity owner and bondholder, JPM didn't have to assume any WM's debt.  Jamie looked like genius.  Such practice will, I think, be followed by other banking merger/purchase in the future....wait until the bank die first.