Monday, 3 August 2015
Last updated 2 days ago
Mar 14 2013 | 11:44am ET
After twice bailing out online brokerage E*Trade Financial, and two years after demanding changes at the company, Citadel Investment Group is getting out.
The Chicago-based hedge fund, which is currently E*Trade’s largest shareholder, will sell its remaining 27.4 million shares, worth about $323.9 million. The sale is expected to be completed by Tuesday.
E*Trade shares have rallied 32% this year.
Citadel invested $2.55 billion in E*Trade in 2007 to keep the company, which was suffering mortgage-backed securities losses, afloat. In 2011, the hedge fund called for changes at the company, winning the exit of its CEO, although not the sale it sought.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…