Books closed to hedge funds, says TD

TD Ameritrade will not open its books to two hedge funds that have urged it to consider a sale or merger.
JUL 09, 2007
TD Ameritrade Holding Corp. said it will will not open its books to two hedge funds that have urged it to consider a sale or merger. The Omaha, Neb.-based online brokerage said it will not make available any of the requested documents to San Francisco-based JANA Partners LLC and S.A.C. Capital Advisors LLC of Greenwich, Conn., which have been urging Ameritrade to join forces with a major competitor, according to a filing with the SEC. TD Ameritrade said that the demand does not comply with the requirements of Delaware law, according to the filing. Last month, Jana and SAC, which control a combined 8.4% of TD Ameritrade stock, made a formal offer to shareholders for records related to the company’s consideration of possible strategic alternatives (InvestmentNews, June 28) .

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