Ameritrade (fka AMTD)

[tedkov]

TD Ameritrade Shareholders File Lawsuit - Deadline for Shareholders to Join (via Business Journal)
December 19, 2019
Tags: United States TD Ameritrade Charles Schwab Corporate Affairs Mergers & Acquisitions

A group of TD Ameritrade Holding Corporation shareholders have filed a lawsuit alleging that the merger consideration is unfair.
Under the terms of the definitive merger agreement, TD Ameritrade shareholders will receive only 1.0837 shares of Charles Schwab stock for each share of TD Ameritrade common stock owned. This exchange ratio implied a deal price of $52.23 as of the last day of trading before the announcement. The TD Ameritrade shareholders have also alleged that TD Ameritrade directors have breached their fiduciary duties to shareholders. The shareholders contend that Charles Schwab should acquire the stock for no less than $60 per share. The shareholders further contend that the board is not acting for the benefit of shareholders but rather for their own self interests.

The lawsuit is seeking class action status and shareholders of TD Ameritrade who would like to participate with other shareholders in seeking to obtain a higher price are encouraged to contact the law firm representing shareholders before the deadline. There is no cost or expense for shareholders to participate, and in the event the lawsuit is unsuccessful, shareholders will still be entitled to receive the existing merger consideration assuming the transaction closes. Shareholders are encouraged to email at [e-mail] or call toll free at 800-511-7037

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