An official announcement from Charles Schwab about its plan to buy rival TD Ameritrade for $26 billion has been delayed, according to Fox Business Network.
Journalist Charles Gasparino said on Twitter: “BREAKING: source close to @CharlesSchwab @TDAmeritrade talks says a “technical hiccup” at board level has delayed announcement of it being final but expects issue to be overcome imminently. likely announcement today or over weekend. again no deal is done until its done $SCHW $TD.”
He continued: “not sure what the technical issue is but my GUESS: TD wants more money seeing how Schwab’s stock spiked on headlines of the purchase. again the source believes this is happening VERY soon, but as someone who has covered this stuff i can say its not done until the release is out.”
The deal could create a firm with about $5 trillion in assets and more than 13,000 RIA clients. It was first reported early Thursday by Fox.