Charles Schwab (SCHW) Said Among Bidders for LPL Financial (LPLA) - Source
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Charles Schwab (NYSE: SCHW) is among the bidders for Boston-based independent broker-dealer LPL Financial (Nasdaq: LPLA), according to a source claiming to have knowledge of the matter. The person said Schwab is willing to acquire LPL for as much as $4.5 billion.
In October, Reuters first reported that LPL was exploring strategic alternatives including a sale. The process began after LPL received an unsolicited takeover proposal, with an offer price that it considered too low, the person said.
Shares of LPL have been volatile since the rumor surfaced, as some doubted a deal with an online broker or other strategic buyers was a good fit given risk from the Department of Labor's fiduciary rule. However, recent chatter suggested Republicans in congress will move swiftly to overturn or delay the rule. The talk may have eased concerns for some would-be buyers, potentially paving the way for a merger agreement.
Charles Schwab and LPL Financial didn't respond to requests to comment.
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