E-Speed rejected a $350m offer from Tullett Prebon in the
same week it was ridiculed in a public dressing down by one of
its major shareholders.
Tullet, the world's second-largest interdealer broker, bid
for $12 per E-Speed share called for a number of conditions,
including that it be completely separated from its parent
company, Cantor Fitzgerald - a major competitor to Tullet.
Tullet also called for the conversion of all E-Speed Class B
shares to Class A shares. The Class B shares are a
supermajority voting class which is owned by Cantor and allows
for voting control over E-Speed decisions.
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