Corporate
Mar. 20, 2013
Davis Polk advises E-Trade in secondary offering through Citadel
Davis Polk & Wardwell LLP represented E-Trade Financial Corp. in connection with a secondary offering of $309 million worth of shares sold through Citadel Equity Fund Ltd.
Daily Journal Staff Writer
Citadel Equity Fund Ltd., an affiliate of Chicago-based hedge fund Citadel LLC and a significant shareholder in E-Trade Financial Corp., sold the last 9.6 percent of its stake in the company in a secondary offering. The $309 million deal closed Tuesday.
Davis Polk & Wardwell LLP represented E-Trade in the block trade offer, a structure which allowed Citadel to sell 27.4 million shares without causi...
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