Under pressure from hedge fund investor Citadel, E*Trade Financial Corporation (NASDAQ:ETFC) said late yesterday its board has formed a new special committee for its previously announced review of strategic alternatives, and hired Goldman Sachs (NYSE:GS) to undertake the review.
In July, E*Trade had said it had hired Morgan Stanley (NYSE:MS) for the review, and it appears Morgan Stanley has been replaced by Goldman.
The new special committee will be composed entirely of independent directors appointed within the last three years, the company said.
Citadel has previously requested that E*Trade take several steps as well as call a special meeting of shareholders.
E*Trade said it expects that the formation of a new special committee and the selection of Goldman Sachs for the review will result in Citadel’s withdrawal of its request for a special shareholder meeting.
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