E*Trade Shares Surge Premarket on Takeover by Morgan Stanley
February 20 2020 - 8:42AM
Dow Jones News
By Colin Kellaher
E*Trade Financial Corp. shares rose about 24% in premarket
trading Thursday after the online broker agreed to be acquired by
investment bank Morgan Stanley in an all-stock deal valued at $13
billion.
Morgan Stanley will issue 1.0432 shares, valued at $58.74 based
on Wednesday's closing price, for each E*Trade share. The deal
represents a roughly 31% premium to Wednesday's closing price of
$44.93 for E*Trade.
Shares of E*Trade were up 24% to $55.79 in premarket trading
Thursday, while Morgan Stanley shares slipped 3.3% to $54.43.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 20, 2020 08:27 ET (13:27 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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