Datek looking for buyer, has E*Trade bid - report
NEW YORK, Feb 12 (Reuters) - Datek Online Holdings is shopping for a potential buyer, and E*Trade Group Inc. (NYSE:ET - news) has already submitted a bid, the New York Post reported on Tuesday, citing sources familiar with the situation.
Jersey City-based Datek is said to have hired investment bank Morgan Stanley to handle the process, which may lead to a sale of the closely held online brokerage, the Post said.
Datek has held discussions over the last few weeks with a handful of potential buyers, including E*Trade, the Post reported.
Other possible suitors may include TD Waterhouse Group Inc.(NYSE:TWE - news), Bank of Montreal (Toronto:BMO.TO - news), Wells Fargo and Co. (NYSE:WFC - news) and J.P. Morgan Chase & Co. Inc.'s (NYSE:JPM - news) online brokerage unit Brown & Co., the Post said, citing investment bankers.
Bankers think it could be sold for as much as $1 billion or more, the Post said. |
