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Omaha, Neb.-based TD Ameritrade Holding Corp. and New York-based thinkorswim Group Inc. said Jan. 8 that they entered into a definitive agreement for TD Ameritrade to acquire thinkorswim in a cash and stock deal valued in the aggregate by SNL at approximately $606.5 million.
TD Ameritrade will pay $225 million in cash and will issue approximately 28.3 million shares of its common stock to thinkorswim shareholders. At closing, each thinkorswim share will be exchanged for $3.34 in cash and 0.3980 share of TD Ameritrade. This represents a 46% premium based on the 30-day average exchange ratio and a 29% premium based on the 90-day average exchange ratio.
SNL calculates an aggregate deal value of approximately $606.5 million and a price per share of approximately $8.71, based on TD Ameritrade's Jan. 7 closing price of $13.48 per share and thinkorswim's...