SAN FRANCISCO — Lawyers from Davis Polk & Wardwell in Menlo Park are helping E-Trade Financial Corp.’s largest shareholder and bondholder, Citadel Investment Group, sell a portion of its stake in the online discount brokerage.
Citadel is selling 23.95 million shares of E-Trade to an undisclosed buyer and will give underwriter Goldman Sachs & Co. a 30-day option to buy up to 3.6 million more. The deal, including the optional purchase, is valued at about $438 million.
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