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Ricketts selling shares to fund deal

Updated: February 18, 2009, 11:33 AM ET
Associated Press

OMAHA, Neb. -- The family of TD Ameritrade founder Joe Ricketts will sell 34 million of its shares in the online brokerage back to the company to help finance the family's bid to buy the Chicago Cubs.

Ameritrade announced the stock purchase agreement Wednesday morning before its annual shareholder meeting.

Ameritrade agreed to pay the Ricketts family $11.85 per share. After the transaction, the Ricketts family stake in the company will shrink from about 22 percent of Ameritrade's stock ...

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