Ameritrade Refuses to Release Records
Tuesday, July 10, 2007 : PermalinkAP- The squabble between TD Ameritrade Holding Corp. and two hedge funds continued Friday as the online brokerage refused the funds’ request to examine records related to any mergerdiscussions.
Earlier this week, Ameritrade gave in to one demand from the funds by reorganizing its mergers and acquisitions committee to exclude board members who represent the Omaha-based company’s two largest shareholders: Toronto-Dominion bank and the family of company founder Joe Ricketts.
But Friday’s two-sentence statement made it clear Ameritrade was not ready to comply with every demand from the funds, Jana Partners and S.A.C. Capital Advisors, which have been urging Ameritrade to join forces with a major competitor such as E-Trade Financial Corp.
In its statement, Ameritrade said it won’t provide any of the requested documents because it doesn’t believe the law requires it.