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Deutsche Bank Offers to Buy NDB Brokerage

October 11, 2000|Times Wire Services

Shares of National Discount Brokers Group Inc. (NDB) jumped almost 89% Tuesday after Deutsche Bank offered to buy the No. 11 online brokerage for almost double the previous day's closing price--or about $864 million in cash.

DEUTSCHE BANK AGFrankfurt-based Deutsche Bank, Europe's largest bank, offered $49 a share for the 84% of NDB it doesn't already own. NDB's stock closed Tuesday at $47.69, up $22.44.

NDB's announcement of the offer spurred speculation that it is hoping to start a bidding war.

The bid for NDB is the latest in a string of takeover offers by European firms for U.S. brokerages. The deals so far have mostly been for full-line firms, such as PaineWebber Group.

The NDB news pushed up shares of other discount brokerages only marginally in most cases. Charles Schwab (SCH) added 19 cents to $29.31, Ameritrade (AMTD) rose 50 cents to $14.63 and TD Waterhouse (TWE) added 6 cents to $16.50.

E-Trade (EGRP) slid 69 cents to $13.38.

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