DOJ Drops Investigation into Charles Schwab Acquisition of TD Ameritrade

The Charles Schwab Corporation announced today that the Antitrust Division of the United States Department of Justice (DOJ) alerted the company on the 3rd of June 2020 that it has decided to close its investigation on the proposed Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of TD Ameritrade Holding Corporation.

As Finance Magnates reported, the two companies have entered into a definitive agreement for Charles Schwab, an online discount brokerage, to acquire TD Ameritrade in an all-stock transaction valued at approximately $26 billion.

As pointed out by the Securities and Investments Commission (SEC) earlier today, on the 29th of January 2020, TD Ameritrade and Schwab each received a request for additional information and documentary material from the Antitrust Division of the DOJ.

On the 3rd of June, both parties complied with this request, resulting in the DOJ closing its investigation of the proposed acquisition. According to the regulator, the parties expect to receive termination of the waiting period under the HSR Act promptly.

Commenting on the closure of the DOJ’s investigation, Schwab President and CEO Walt Bettinger said in the statement: “We’re gratified by the DOJ’s decision and appreciate its diligent and thorough review.

“We are pleased to be Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term an important milestone in our planned acquisition of TD Ameritrade and look forward to today’s scheduled votes by the stockholders of our two companies, which represent another important step toward completion of the transaction.”

At this point, Charles Schwab still needs to receive regulatory and stockholder approvals from Schwab and TD Ameritrade. Once these conditions have been met, the companies expect the transaction will close in the second half of 2020. The following integration is forecast to take between 18 and 36 months to complete.

Charles Schwab and TD Ameritrade sued over acquisition

However, the acquisition has hit other road blocks, with eight complaints having been filed by purported TD Ameritrade stockholders in federal court in May, seeking to halt the combination with Schwab, disclosures filed by each firm showed.

As Finance Magnates reported, six of these complaints named TD Ameritrade board of directors as defendants while two other actions are suing Schwab managers. The complaints generally allege, among other things, that the defendants filed materially incomplete and misleading registration statements.