TD, Ameritrade confirm talks over TD Waterhouse U.S. operations
Last Updated: Tuesday, May 31, 2005 | 4:30 PM ET
CBC News
TD Bank Financial Group confirmed Tuesday it is in talks with Ameritrade Holding Corp. regarding a potential deal involving discount brokerage TD Waterhouse USA.
Earlier in the day, the Financial Times reported that TD (TSX:TD) and Ameritrade are within "striking distance" of reaching a deal that would see Ameritrade acquire TD Waterhouse's U.S. business.
The value of the transaction was said to be between $2 billion US and $3 billion US, the FT reported, citing unnamed sources.
TD said the companies will make no further comment until an agreement is reached. Earlier this month, another online discount broker, E-Trade Financial Corp., offered a reported $5.5 billion US for AmeriTrade, but the bid was rejected.
TD Waterhouse is wholly owned by TD Bank.
Shares of TD closed up $1.39 at $53.59 on the TSX.
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