Getting your player ready...
NEW YORK — E-Trade Financial’s largest shareholder, Citadel, has demanded that the online brokerage call a special shareholder meeting, raising the pressure on E-Trade to find a buyer.
In a highly critical letter disclosed in a regulatory filing Monday, Citadel said the meeting would discuss matters including retaining an investment bank to review E-Trade’s strategic alternatives. In calling for the meeting, Citadel cited a rule in which more than 10 percent of E-Trade’s holders could force a meeting.
The new letter demanded the company call a meeting “no sooner than 10 days, and no later than 60 days” after delivery of notices by holders of more than 10 percent of E-Trade’s common stock.
