Joe Lewis, the Bahamas-based British billionaire, has increased his stake in Bear Stearns to 8 per cent, indicating that he continues to believe the shares are undervalued and are likely to rise.
In September, Bear disclosed that Mr Lewis, a long-time client of the bank and friend of Jimmy Cayne, Bear chief executive, had amassed a 7 per cent stake, making him the bank’s largest shareholder. Mr Cayne owns about 6 per cent of the shares.
