This will help---
quote.bloomberg.com
E*TRADE Increases Its 2002 Earnings Guidance and Announces
Repurchase Of
5.4% of Its Outstanding Shares in Private Transaction
MENLO PARK, Calif., Dec. 7 /PRNewswire/ -- E*TRADE Group, Inc. (NYSE: ET) announced today that it is increasing its 2002 earnings guidance to $.40-.50 EPS from ongoing operations and that it is acquiring 20 million shares of its common stock from Softbank in a private transaction. The purchase price is $7.28 per share which represents a 13% discount from the 20-day moving average of E*TRADE common stock. Softbank remains a large shareowner of E*TRADE with an aggregate ownership of over 33 million shares, representing approximately 9% of the issued and outstanding common stock.
"The repurchase of a block of shares at this price offers an extremely compelling value-creation opportunity for the company and its shareowners and reflects our increasingly optimistic view of the future," said Christos M. Cotsakos, chairman of the board and chief executive officer, E*TRADE Group, Inc. "This further reinforces our commitment to increasing shareowner value as we continue to execute on our strategy of building a strong, diversified financial services company."
Softbank informed E*TRADE that the transaction was consistent with Softbank's policy of diversifying its holdings through occasional sales of stock in its portfolio companies and was driven by factors specific to Softbank.
"We remain confident in the direction and the leadership of E*TRADE and believe that they are extremely well positioned for continued growth and success," said Ron Fisher, vice chairman of Softbank Holdings Inc. and director of E*TRADE Group, Inc. |
