Funds Want Ameritrade Sale

The firm says it's focused on its organic growth strategy.
Author:
Publish date:

Activist hedge funds want

TD Ameritrade

(AMTD) - Get Report

to sell itself.

The Omaha, Neb., online broker said in a regulatory filing late Tuesday that Jana Partners and S.A.C. Capital took an 8.4% stake in the firm, saying they "wish to see TD Ameritrade pursue a business combination with one of its industry peers."

Ameritrade said it is focused on its organic growth strategy but regularly reviews its strategy and would consider a deal "at the right time and if it can reach agreement for the right strategic fit." The company said it has had and expects to continue to have talks.

News that big shareholders want a deal sent shares in Ameritrade up 6% late Tuesday. A

Schwab

(SCHW) - Get Report

spokesman indicated the San Francisco broker isn't interested, media reports say.

Ameritrade also named Fred Tomczyk operating chief. He had been a vice chairman at parent

TD Bank

(TD) - Get Report

.