Ameritrade’s decision to reject the takeover advances of rival discount broker E*Trade in favour of an acquisition of its own, could mean that E*Trade itself winds up as a takeover target.
US online broker Ameritrade spurned three offers from E*Trade in favour of a deal of its own with TD Waterhouse USA, a unit of Toronto-Dominion Bank.
The deal with TD Waterhouse will give Ameritrade an instant branch network and a more lucrative client base and will expand its investment advisory business.
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