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Upcoming merger between E*TRADE and Morgan Stanley

We want to notify you about the merger between E*TRADE Financial Corporation (ETFC) and Morgan Stanley (MS) which is scheduled for completion on Monday (05/10/2020). As MS is the acquirer, ETFC’s stocks will cease trading before the completion date. However, the settlement date of the corporate transaction is not certain yet.

Therefore, all JFD clients who will be holding open positions on ETFC’s stocks at market close on 02/10/2020 will receive in their trading accounts new MS shares as follows:

  1. Once the merger is settled after 05/10/2020, we will close the respective clients’ positions in ETFC stocks at the volume-weighted average price (VWAP).
  2. We will allocate the new MS shares to the clients’ accounts at the rate of VWAP/1.0432.

You may read more about the merger on Morgan Stanley’s website. To read the latest stock market news and analysis, you may visit JFD Research, where you will find plenty of actionable insights published by our experts.