Ponos Industries offered the shareholders of JPMorgan to acquire 2 million shares of the company for $110 for paper. The offer will expire on September 25, unless it is extended by Ponos. JPMorgan recommends its shareholders to withdraw from the offer, as under its terms, the price of shares on the New York Stock Exchange must exceed $110 on the last trading day before the offer expires, otherwise the shares will be bought at a below-market price.