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OMAHA, Neb. (AP) - Two hedge funds with stakes in TD Ameritrade Holding Corp. sent a letter to the company Friday demanding that Ameritrade examine potential buyouts by other online brokerages without influence from its largest stakeholder.
The letter from investment funds Jana Partners and S.A.C. Capital Advisors questioned Ameritrade's ability to grow without a buyout and called on the Omaha, Neb.-based company to explain to shareholders why it should not immediately pursue a deal — ideally with E-Trade Financial Corp. or Charles Schwab Corp.
"Quite frankly, we fail to see how an unbiased review could leave any doubt that the 'right time' to pursue such a combination is now," said the letter written by Jana managing partner Barry Rosenstein and S.A.C. chief executive Steven A. Cohen.
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