you see this. Didn't you say you just switched? FYI
For DATEK users: Ameritrade's Bid Wins Datek Auction
biz.yahoo.com
Sunday April 7, 10:04 pm Eastern Time
Reuters Business
Ameritrade's Bid Wins Datek Auction
NEW YORK (Reuters) - Ameritrade Holding Corp. (NasdaqNM:AMTD - news) has agreed to buy rival online brokerage Datek Online Holdings Corp. for about $1.4 billion, sources close to the situation said on Sunday, aiming to gain additional scale as it tries to combat an ongoing industry slump.
The transaction, which ends an intense three-month auction for the closely held Datek, will leave Ameritrade with about 2.5 million online trading accounts, ranking it just below industry stalwarts E*Trade Group (NYSE:ET - news) and TD Waterhouse.
It also represents a significant victory for the Omaha, Nebraska-based Ameritrade, which outbid several rivals in its quest to acquire Datek to help stabilize its revenue and earning stream amid the continuing volatility on Wall Street.
The deal is expected to be announced on Monday morning, sources said.
Ameritrade and the Jersey City, N.J.-based Datek, which is owned by a consortium of private equity firms including Bain Capital, could not immediately be reached for comment. |
