Treasury Secretary Henry Paulson speaks to the media following a meeting with U.S. President George W. Bush at the White House in Washington on March 17, 2008. Paulson defended the Federal Reserve's bailout of investment bank Bear Stearns and the company's sale to JPMorgan Chase. (UPI Photo/Roger L. Wollenberg)

NEW YORK, March 24 (UPI) -- J.P. Morgan and Chase Co. (AMEX:CCF) upped its offer for Bear Stearns (NYSE:BSC) to $10 a share on rumors shareholders would vote down the $2 a share fire sale price.

British billionaire Joe Lewis, who has $1.26 billion invested in Bear Stearns, called the bank to register disapproval of the hastily arranged deal, which was backed by the U.S. Federal Reserve.

Lewis has said he would take "whatever action" was necessary to block the deal, The New York Times (NYSE:NYT) reported.

J.P. Morgan increased its offer Sunday.

Investors bid the price of Bear Stearns up to $5.96 a share last Friday in anticipation of a better deal, the report said.