ETrade May Sell $150M In Common Stock

Law360, New York (September 14, 2009, 1:30 PM EDT) -- Online brokerage firm ETrade Financial Corp. has ended a stockholder rights plan that it formed in 2001 to ward off hostile takeovers and will launch a new program to sell up to $150 million in common stock, the company said Monday.

ETrade announced that its board of directors had terminated the stockholder plan, as well as approved an at-the-market program that will allow the company to sell common stock through an equity distribution deal with investment banking firm Sandler O'Neill & Partners LP.

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