Discount broker TD Ameritrade Inc. has teamed up with major shareholder Toronto-Dominion Bank to make a joint bid for a coveted rival, Scottrade Financial Services Inc., which is exploring a sale that’s expected to fetch $4-billion (U.S.).
Privately owned Scottrade is the among the five largest U.S. discount brokers, although only roughly half the size of TD Ameritrade. In late September, Bloomberg reported the company was on the auction block.
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