Newspaper article St Louis Post-Dispatch (MO)

TD Ameritrade Said to Join with Toronto-Dominion Bank to Bid for Scottrade

Newspaper article St Louis Post-Dispatch (MO)

TD Ameritrade Said to Join with Toronto-Dominion Bank to Bid for Scottrade

Article excerpt

Discount broker TD Ameritrade Inc. has teamed up with major shareholder Toronto-Dominion Bank to make a joint bid for rival Scottrade Financial Services, The Globe and Mail reported Thursday.

A deal could be valued at $4 billion, the Toronto-based national newspaper said.

Town and Country-based Scottrade is one of the nation's largest U.S. discount brokerages, and employs about 2,000 in the St. Louis area.

Bloomberg reported last month the company was for sale.

Toronto-Dominion could afford to invest about $1.14 billion in the deal without violating Canadian capital requirements for banks, according to an analysis by CIBC Capital Markets, as quoted in Canada's Financial Post.

Scottrade, which is privately held, is based at 700 Maryville Centre Drive. The company also is expanding its office space at 13075 Manchester Road in Des Peres. …

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