OMAHA, Nebraska - US online broker Ameritrade denied Thursday that it was for sale after reports prompted speculation of a round of consolidation in the crowded sector.
"The board believes there will likely be further consolidation in the industry, but confirmed Ameritrade is not for sale," Ameritrade founder and chairman Joe Ricketts said in a statement.
"We are confident in our management team and its strategy," he said.
The New York Times said Monday that Ameritrade had become the target of a takeover offer worth more than 5.5 billion dollars from rival E-Trade Financial.
Separately, The Wall Street Journal reported that top executives at the two companies had held exploratory talks over the past year.
Analysts have been anticipating mergers in the US discount brokerage sector, with trading volumes still weak since the collapse of the "dot com" boom, and intense competition keeping commissions low.
While Ameritrade denied being for sale, its chief executive Joe Moglia did not rule out seeking "strategic opportunities" in the future if they enhance shareholder value and benefit its clients.
05/12/2005 13:57 GMT