TD Ameritrade Announces Shareholder Approval of Merger with Charles Schwab and Closing of DOJ Investigation of Merger
04 Junio 2020 - 03:15PM
Business Wire
TD Ameritrade Holding Corporation (Nasdaq: AMTD) announced that
its shareholders have voted to approve and adopt its merger
agreement with The Charles Schwab Corporation (NYSE: SCHW), a
leading provider of financial services offering a full range of
wealth management, securities brokerage, banking, asset management,
custody and financial advisory services to individual investors and
independent investment advisors.
During a virtual special meeting of shareholders held today, TD
Ameritrade shareholders overwhelmingly approved the merger
agreement, with more than 99 percent of the votes cast being voted
in favor of the proposal.
“We are pleased that our shareholders are supportive of this
transformative opportunity to create the ultimate client experience
for retail investors and independent registered investment
advisors,” said Steve Boyle, interim president and CEO, TD
Ameritrade. “We look forward to joining forces with Schwab to
deliver sustainable, long-term value to our many stakeholders.”
TD Ameritrade also announced that on June 3 the Antitrust
Division of the United States Department of Justice (DOJ) informed
Schwab and TD Ameritrade that the DOJ has decided to close its
investigation of the proposed merger.
Integration planning is on-track and the deal is expected to be
completed in the second half of 2020. Integration is expected to
take between 18 to 36 months to complete following the close. The
transaction is subject to customary closing conditions, including
receipt of the remaining required regulatory approvals.
More information about TD Ameritrade’s upcoming corporate events
is available via the company’s Calendar which is located on the
"Investor Relations" page of www.amtd.com.
Interested parties should visit or subscribe to newsfeeds at
www.amtd.com for the most up-to-date information on corporate
financial reports, press releases, SEC filings and events. The
company also communicates this information via Twitter,
@TDAmeritradePR. Website links, corporate titles and telephone
numbers provided in this release, although correct when published,
may change in the future.
About TD Ameritrade Holding Corporation
TD Ameritrade provides investing services and education to
approximately 12 million client accounts totaling approximately
$1.2 trillion in assets, and custodial services to more than 7,000
registered investment advisors. We are a leader in U.S. retail
trading, executing approximately 2 million daily average revenue
trades per day for our clients, nearly one-third of which come from
mobile devices. We have a proud history of innovation, dating back
to our start in 1975, and today our team of nearly 10,000-strong is
committed to carrying it forward. Together, we are leveraging the
latest in cutting edge technologies and one-on-one client care to
transform lives, and investing, for the better. Learn more by
visiting TD Ameritrade’s newsroom at www.amtd.com, or read our
stories at Fresh Accounts.
Brokerage services provided by TD Ameritrade, Inc., member FINRA
(www.FINRA.org) / SIPC (www.SIPC.org). TD Ameritrade is a trademark
jointly owned by TD Ameritrade IP Company, Inc. and The
Toronto-Dominion Bank. © 2020 TD Ameritrade.
Forward-Looking Statements
This press release contains forward-looking statements relating
to the proposed merger, including timing of closing and
integration, and stockholder and client benefits. Achievement of
these expectations is subject to risks and uncertainties that could
cause actual results to differ materially from the expressed
expectations.
Important transaction-related factors that may cause such
differences include, but are not limited to, failure of the parties
to satisfy the closing conditions in the merger agreement in a
timely manner or at all, including regulatory approvals; litigation
challenging the merger; the risk that expected revenue, expense and
other synergies from the transaction may not be fully realized or
may take longer to realize than expected; the parties are unable to
successfully implement their integration strategies; and
disruptions to the parties’ businesses as a result of the
announcement and pendency of the merger. Other important factors
include general market conditions, including the level of interest
rates, equity valuations and trading activity; the parties’ ability
to attract and retain clients and registered investment advisors
and grow those relationships and client assets; competitive
pressures on pricing, including deposit rates; the parties’ ability
to develop and launch new and enhanced products, services, and
capabilities, as well as enhance their infrastructure, in a timely
and successful manner; client use of the parties’ advisory
solutions and other products and services; client sensitivity to
rates; the level of client assets, including cash balances; capital
and liquidity needs and management; the scope and duration of the
COVID-19 pandemic and actions taken by governmental authorities to
contain the spread of the virus and the economic impact; regulatory
guidance; litigation or regulatory matters; any adverse impact of
financial reform legislation and related regulations; and other
factors set forth in Schwab’s and TD Ameritrade’s definitive joint
proxy statement/prospectus dated May 4, 2020, as supplemented, and
Schwab’s and TD Ameritrade’s most recent reports on Form 10-K and
Form 10-Q.
Source: TD Ameritrade Holding Corporation
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version on businesswire.com: https://www.businesswire.com/news/home/20200604005713/en/
At TD Ameritrade: Becky Niiya
Director, Corporate Communications (402) 574-6652
Rebecca.Niiya@tdameritrade.com
Jeff Goeser Managing Director, Investor Relations (402) 597-8464
Jeffrey.Goeser@tdameritrade.com
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