Joe Lewis Works To Block J.P. Stearns

Joe Lewis, a UK billionaire with a controlling stake in Premier League football club Tottenham Hotspurs, is working to block JPMorgan Chase's $236m takeover of investment bank Bear Stearns.

According to reports, Lewis will take action to negate a US$1bn loss he faces due to his Tavistock Group holding a 9.4% stake in Bear Stearns, the bank's second largest investor.

Lewis is unhappy with JPMorgan's US$2 per share offer, according to the Daily Telegraph, which said he is talking to rival bidders. He may also work with other investors in order to vote against JPMorgan's offer at the upcoming shareholders' meeting.