SCHW - Merger Arbitrage Mondays - Charles Schwab's Acquisition Of Ameritrade Trades At A Small Spread

Merger activity remained unchanged with three new deals announced and one deal closing.

Deal Statistics:

New Deals:

1. The acquisition of TD Ameritrade Holding Corporation (AMTD) by The Charles Schwab Corporation (SCHW) for $26 billion in an all-stock deal. Under the terms of the agreement, TD Ameritrade stockholders will receive 1.0837 Schwab shares for each TD Ameritrade share. I am surprised the spread on this all-stock deal is just 3.5%. Considering how much of the independent Registered Investment Advisor ((RIA)) market the combined entity will control, regulatory approval is the key risk for this deal.
2. The

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