October 11, 2001 |
Toronto-Dominion Bank offered Wednesday to buy the 12% of No. 2 discount brokerage TD Waterhouse Group Inc. that it doesn't already own for about $409 million. The bank also said it will fire 200 employees at its securities arm, resulting in a $102-million pretax charge in its fiscal fourth quarter ending Oct. 31. Toronto-Dominion (TD), Canada's No. 2 bank, would pay $9 a share for each share of TD Waterhouse, 45% more than Tuesday's closing price of $6.20.