Charles Schwab to Buy TD Ameritrade for $26 Billion

TD Ameritrade CFO Stephen Boyle named interim president and CEO

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Charles Schwab is acquiring TD Ameritrade for $26 billion, the online brokerage companies announced this morning. Under the agreement, TD Ameritrade stockholders will receive 1.0837 Schwab shares for every TD Ameritrade share, a 17% premium over the 30-day volume weighted average price exchange ratio.

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