Citadel Sells Remaining 10% Stake In E-Trade

Law360, New York (March 14, 2013, 4:03 PM EDT) -- An affiliate of hedge fund titan Citadel LLC will sell its entire 9.6 percent stake in E-Trade Financial Corp. in a underwritten common stock offering next week, E-Trade announced Thursday.

The discount brokerage and banking firm will not receive any proceeds from the stock offering, which is being conducted by Citadel Equity Fund Ltd. The offering is expected to close Tuesday, E-Trade said.

Citadel Equity put all of its roughly 27.4 million shares of E-Trade common stock into the offering. At Wednesday's closing price of $11.82,...
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