Ameritrade CEO Says Company Isn't for Sale

Ameritrade's(AMTD) chief executive said the company isn't for sale, indicating that a suitor offering even $20 a share could plan on being rebuffed, published reports indicated Wednesday.

The CEO, Joe Ricketts, made the announcement at the company's annual meeting. Shares of Ameritrade, which is based in Omaha, Neb., lost 13 cents, or 1.5%, to $8.31 in recent Nasdaq trading. The 52-week high is $25.17.

Ameritrade also said it plans to offer two new trading brands, one targeting active traders and another for customers who are seeking more services.

One of the new services, Ameritrade Pro, will be aimed at customers who make numerous trades each day. The service will offer quick trade executions and access to more advanced stock quotes. Ameritrade Plus will provide expanded services.

The company said the new brands are an effort to take advantage of the proposed acquisition of TradeCast, a provider of direct access trade execution and software designed for active traders.

On Feb. 14, Ameritrade agreed to acquire TradeCast, which is based in Houston, for about $67 million in stock.

The company will release more details about the new brands this spring.

>To order reprints of this article, click here: Reprints