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Two hedge funds said Friday they plan to ask TD Ameritrade to disclose documents relating to any merger discussions, renewing pressure on the company to combine with a competitor.
TD Ameritrade shares rose in afternoon trading.
TD Ameritrade said earlier this week that JANA Partners LLC and SAC Capital Advisors LLC had urged a merger with E*Trade Financial or Charles Schwab .
On Wednesday, TD Ameritrade Chief Executive Joe Moglia told CNBC television the company would continue to talk to possible partners, but he said the company needed to be "very thoughtful and deliberate," given the risks any deal would involve.
JANA and SAC Capital, which according to filings control about 8.4 percent of TD Ameritrade shares, said Friday that the brokerage should not delay in pursuing a merger.
"Quite frankly, we fail to see how an unbiased review could leave any doubt that the 'right time' to pursue such a combination is now," the funds said in a statement.
The hedge funds repeated their prior statements that Canada's Toronto-Dominion Bank, which has a 40 percent stake in TD Ameritrade, is interfering with merger talks.
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