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Market pours cold water on M&A animal spirits

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Sometimes it seems like the market’s job is to undermine confidence. That’s particularly true when it comes to big acquisitions, writes johnsfoley.

Charles Schwab agreed on Nov. 25 to buy TD Ameritrade in an all-share merger that values the smaller U.S. brokerage firm at $26 billion.

Schwab’s offer would leave its own shareholders with 69% of the merged company. Toronto-Dominion Bank, the Canadian lender that owns 43% of TD’s shares, would have a 13% stake in the new company, and remaining TD shareholders would hold 18%. The companies outlined up to $4 billion in annual benefits from the merger, of which up to $2 billion would come from cutting costs.

Separately, on Nov. 24 printer maker HP reiterated its rejection of a takeover approach from Xerox, saying that the $32.6 billion cash-and-shares proposal “significantly undervalues HP.” Xerox had offered $22 per HP share for its larger rival, consisting of $17 in cash and shares equivalent in total to 48% of the merged company.

 

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Investment Advisers Fear Losing Out in a Schwab-TD Ameritrade DealSchwab’s plan to buy TD Ameritrade isn’t sitting well with investment advisers who park their clients’ money with the big online brokerages. Obscene! What I notice the most is that the combined company will be based in Westlake, Texas. Charles Scwab abandoning San Francisco as it’s HQ. A little sad for Omaha as well. I won’t step foot in San Francisco.... FOH I ain't letting that sham AF company handle my 401K, I will be moving it
ソース: WSJ - 🏆 98. / 63 続きを読む »