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E*Trade Buoys Sale Prospects With $600M
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E*Trade Financial (ETFC Quote) has raised more than $600 million in common equity this quarter the company said Wednesday, shoring up its shaky financial position and possibly setting up a sale.
The company said on Wednesday that it had completed its public common stock offering, initiated last week, which raised $550 million in gross proceeds. Underwriters ended up selling an additional 65 million shares through their over-allotment option.
E*Trade had previously suspended its open market purchase program, commenced on May 8. Through the program, the company had raised $65 million. ...
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