TD Bank sells 28.40M shares of Schwab common stock

Aug. 02, 2022 5:09 AM ETThe Charles Schwab Corporation (SCHW), SWTXX, TDBy: Meghavi Singh, SA News Editor2 Comments
  • TD Bank Group (NYSE:TD) said that it has sold 28.40M shares of non-voting common stock of The Charles Schwab (NYSE:SCHW) with 15.03M shares being sold to Schwab pursuant to a repurchase agreement with pricing determined by the price obtained in a sale of 13.37M shares being sold at the same price to a broker dealer.
  • The purchase price paid by Schwab is equal to the lowest price per share that TD Bank received in a contemporaneous share sale facilitated with a third-party market maker.
  • The shares sold represent ~1.5% of Schwab's issued and outstanding common stock, reducing TD's ownership interest in Schwab from ~13.4% to 12.0%.
  • In connection with such sales, all such shares automatically convert into shares of Schwab voting common stock the shares acquired by Schwab will no longer be outstanding.

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