LYCOS RETRIEVER 
Charles R. Schwab: Shares
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Schwab has made its share of mistakes, and this book documents many of them. But it would be a bigger mistake to regard these reports as an attack on the company's integrity. That remains remarkably constant. It's probably true that Schwab makes fewer mistakes than other companies of its size. The quick pace of its decision-making process, ironically, works to minimize the number of significant mistakes. When a company is guided by a simple set of well-known principles, it compresses the cycle for making decisions, recognizing mistakes, and correcting them.
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Charles Schwab, moving deeper into the lucrative money management business, is merging with U.S. Trust in a transaction valued at $2.7 billion. Shares of UTC soared more than 68% to $133.00 today while SCH's stock rose 7%.
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As previously disclosed, the company ... agreed to purchase shares from Charles R. Schwab, the company's Chairman and Chief Executive Officer and its largest stockholder, and certain additional stockholders whose shares Mr. Schwab is deemed to beneficially own. The number of shares to be purchased is calculated to result in Mr. Schwab maintaining the same beneficial ownership interest in the company's outstanding common stock that he currently has. Based on the preliminary count of shares tendered in the tender offer, the company expects to purchase from Mr. Schwab and those other stockholders approximately 18 million shares at a price of $20.50 per share for a total of approximately $369 million.
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Mr. Schwab, who founded the company in 1971, is its biggest stockholder with 244 million shares, worth about $2.25 billion. He sold the firm to Bank of America in 1983, then led a buyout of it in 1987, and took it public.
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The number of shares to be purchased and the price per share under both the tender offer and the agreement with Mr. Schwab are preliminary. Final results will be determined subject to confirmation by the depositary of the proper delivery of the shares validly tendered and not withdrawn. The actual number of shares to be purchased and the price per share will be announced following the completion of the confirmation process. Payment for the shares accepted for purchase will occur promptly thereafter.
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To compete with deep discounters, Schwab added two services for heavy traders. One offers equity traders commissions as low as $14.95 a trade for up to 1,000 shares, and the second offers equity and options traders streaming market information and commissions of $9.95 a trade for market and limit orders up to 5,000 shares.
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