Scottrade Financial Services Inc. has received a non-binding, joint bid from TD Ameritrade and its parent company, Toronto-Dominion Bank, according to sources familiar with the deal.
Bloomberg reported late last month that Scottrade, the St. Louis discount brokerage founded by Rodger Riney and owned by him and his family, was working with an adviser to explore a sale.
Other bids are expected, possibly from rivals such as E*Trade, Charles Schwab and others. The companies had no comment.
If a deal is consummated, it is expected to be in the $4 billion range.
Read more: St. Louis Business Journal