TD Ameritrade Shares Surge as Jana, SAC Buy Stake, Push Merger |
| Bloomberg - Jun 6, 2007 |
TD Ameritrade Holding Corp. shares rose by the most in 10 months after hedge funds Jana Partners LLC and SAC Capital Advisors LLC reported an 8.4 percent stake in the third-largest online broker and urged it to merge with a rival.
Shares of Omaha, Nebraska-based TD Ameritrade gained 99 cents, or 5 percent, to $20.94 as of 8:41 a.m., in trading before the official open of U.S. markets. The shares of rival online brokers also rose, with E*Trade Financial Corp. gaining 2.5 percent and Charles Schwab Corp. advancing 1.2 percent.
TD Ameritrade late yesterday disclosed a May 29 letter from Jana Managing Partner Barry Rosenstein and SAC Chief Executive Officer Steven A. Cohen that said a merger with E*Trade might add $600 million a year in cost savings and revenue. The funds said TD Ameritrade's largest shareholder, Toronto-Dominion Bank, is blocking a merger to preserve its own U.S. strategy and accounting benefits.
Read Full Article from Bloomberg
- Posted: 2007-06-06 09:29:48
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