Charles Schwab Corp.'s (SCHW) agreement to buy smaller rival TD Ameritrade Holding Corp. (AMTD) carries a $950 million termination fee, according to a filing with the Securities and Exchange Commission.
Under certain circumstances, Schwab or TD Ameritrade may be required to pay the fee to the other, including changes in board recommendations on the deal, breaches of the merger agreement or failure to obtain shareholder approval of the deal, according to the filing.
Schwab on Monday said it agreed to buy TD Ameritrade in a stock-swap transaction valued at about $26 billion.
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