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Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: KM who wrote (10238)	12/28/1999 7:00:00 PM
From: KM	Respond to of 13953

Telebanc holders back E-Trade deal By Emily Church, CBS MarketWatch Last Update: 6:35 PM ET Dec 28, 1999 NewsWatch NEW YORK (CBS.MW) -- Telebanc shareholders on Tuesday gave their backing to the online bank's plans to merge with E-Trade Group. Over two-thirds of shareholders approved the terms of the deal. A final count will be released on Wednesday, said Deborah Newman, Telebanc spokeswoman. E-Trade, one of the largest online brokers, is buying the company to expand its line of banking products and capability, but delays in regulatory approval put the deal under a cloud this fall. Under the agreement, Telebanc (TBFC: news, msgs) shareholders are to receive 1.05 shares of E-Trade (EGRP: news, msgs) for each Telebanc share. As a result of the uncertainty surrounding the deal, the spread between the two stocks widen in late November. Since then, however, the two stocks are trading closer in line. On Tuesday, E-Trade ended down 2 1/16 to 25 3/4, and Telebanc was off 2 3/4 to 25 1/8. "We're still focused on trying to get the merger to close, to get OTS approval, by the end of the year," Newman said. Last week, the two companies announced that they've cleared a key regulatory hurdle with the Office of Thrift Supervision. See full story. Under the pact, the two companies can walk away from the merger after Dec. 31 if it doesn't, in fact, close. Both parties can also stay. In a filing with the Securities and Exchange Commission in late November, the companies alerted investors to the possibility of the deal not closing before the end of the year. See full story. Emily Church is the New York bureau chief for CBS MarketWatch.