TD Ameritrade says Schwab deal close remains on track for H2 2020

Maria Nikolova

“We remain committed to the proposed transaction with Schwab and are fully engaged in planning for the integration”, TD Ameritrade’s CEO Steve Boyle says.

TD Ameritrade Holding Corp. (NASDAQ:AMTD) has announced its financial results for the second quarter of fiscal 2020, with the report revealing TD Ameritrade’s commitment to the deal with The Charles Schwab Corporation.

Steve Boyle, interim president and chief executive officer of TD Ameritrade, commented:

“We remain committed to the proposed transaction with Schwab and are fully engaged in planning for the integration. While our top priority at the moment is managing our company through the challenges presented by the pandemic, teams remain focused on the most critical work needed for deal close, which we expect will happen in the second half of 2020.”

Let’s recall that, in November 2019, the companies announced entry into a definitive agreement for Schwab to acquire TD Ameritrade in an all-stock transaction valued at approximately $26 billion.

Under the transaction terms, TD Ameritrade stockholders will receive 1.0837 Schwab shares for each TD Ameritrade share. This represents a 17% premium over the 30-day volume weighted average price exchange ratio as of November 20, 2019.

The deal is seen to create significant strategic benefits for the combined organization and is expected to deliver attractive returns for the owners of both companies, while further improving the investing and trading experience of both Schwab and TD Ameritrade clients. The combination allows Schwab to continue to add further scale on top of its organic growth, helping to drive sustainable, profitable growth and long-term value creation.

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