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Non-Tech : TD Waterhouse Group (TWE)
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To: OldAIMGuy who wrote (1394)10/30/2001 8:15:09 PM
From: Ian@SI  Read Replies (1) of 1413
 
$9.50 bid, do I hear $10?

TD Bank sweetens offer for rest of TD Waterhouse Group: $9.50 US a share

TORONTO, Oct 30, 2001 (The Canadian Press via COMTEX) -- Toronto-Dominion Bank is boosting its offer for the 12 per cent of discount brokerage TD Waterhouse Group that it doesn't already own.

TD Bank said late Tuesday it increased the offer by 50 cents to $9.50 US and has won the support of a TD Waterhouse special committee that examined the bid. The committee consists of two independent board members. The bank is adding about $20 million, bringing the total cost to $385.7 million US.

TD made its original offer Oct. 9, aiming to bring its ownership to at least 90 per cent. But the bid is now subject to acquisition of 94 per cent of the brokerage's shares.

"With the recommendation of TD Waterhouse's independent board members, this represents TD Bank's final offer," the bank said in a release after markets closed.

The offer's expiry date stays the same: Wednesday, Nov. 14.
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