Content area
Full Text
Charles Schwab Corp. agreed to acquire TD Ameritrade Holding Corp. in an all-stock transaction valued at approximately $26 billion and is expected to close in the second half of 2020. The resulting combined firm is expected to serve 24 million client accounts with more than $5 trillion in client assets. After closing, Toronto-Dominion Bank, which currently holds approximately 43% of TD Ameritrade's common stock, will have an estimated aggregate ownership position of approximately 13% in the combined company, with other TD Ameritrade stockholders and existing Charles Schwab stockholders holding approximately 18% and 69%, respectively.
Exeter Finance Corp. has filed a request with the U.S. Securities and Exchange Commission for the withdrawal of its initial public offering registration statement. The Texas-based specialty auto finance company backed by The Blackstone Group Inc. decided not to pursue the offering due to market conditions, saying it is for the interest of the public and protection of investors.
Federal Reserve Bank of Cleveland President Loretta Mester dismissed worries that the real-time payments network being formed by the central bank would create conflict...