Instinet Group Issues Statement Regarding Third Avenue Management Proposal
June 08 2005 - 10:37AM
Business Wire
Instinet Group Incorporated (NASDAQ:INGP) today released the
following statement. "We have received a letter from Third Avenue
Management proposing to buy the assets and liabilities of one of
our businesses, Instinet, The Institutional Broker. The proposal
described in the letter is subject to, among other things, the
completion of due diligence to Third Avenue Management's
satisfaction. Our Board of Directors is reviewing the letter in a
previously scheduled meeting. However, we note that, under our
merger agreement with The Nasdaq Stock Market, Inc., we are subject
to restrictions with respect to third party proposals of the type
contained in the letter from Third Avenue Management." About
Instinet Group Instinet Group, through affiliates, is the largest
global electronic agency securities broker and has been providing
investors with electronic trading solutions and execution services
for more than 30 years. We operate our two major businesses through
Instinet, LLC, The Institutional Broker, and Inet ATS, Inc., The
electronic marketplace. -- Instinet, The Institutional Broker,
gives its customers the opportunity to use its sales-trading
expertise and advanced technology tools to interact with global
securities markets, improve trading performance and lower overall
transaction costs. Through Instinet's electronic platforms,
customers can access other U.S. trading venues, including NASDAQ
and the NYSE, and almost 30 securities markets throughout the
world. Instinet acts solely as an agent for its customers,
including institutional investors, such as mutual funds, pension
funds, insurance companies and hedge funds. Lynch, Jones &
Ryan, Inc., Instinet Group's commission recapture subsidiary is
also a part of Instinet. -- INET, The electronic marketplace,
represents the consolidation of the order flow of the former
Instinet ECN and former Island ECN, providing its U.S.
broker-dealer customers one of the largest liquidity pools in
NASDAQ-listed securities. Where to Find Additional Information
about Instinet, NASDAQ and the Merger Instinet Group intends to
file a proxy statement of Instinet Group in connection with the
proposed merger. Instinet Group stockholders should read the proxy
statement and other relevant materials when they become available,
because they will contain important information about Instinet
Group, NASDAQ and the proposed merger. In addition to the documents
described above, Instinet Group and NASDAQ file annual, quarterly
and current reports, proxy statements and other information with
the SEC. The proxy statement and other relevant materials (when
they become available), and any other documents filed with the SEC
by Instinet Group or NASDAQ are available without charge at the
SEC's website, at www.sec.gov, or from the companies' websites at
http://www.instinetgroup.com and http://www.nasdaq.com,
respectively. Instinet Group, NASDAQ and their respective officers
and directors may be deemed to be participants in the solicitation
of proxies from Instinet Group stockholders in connection with the
proposed merger. A description of certain interests of the
directors and executive officers of Instinet Group is set forth in
the Instinet Group proxy statement for its 2005 annual meeting
which was filed with the SEC on April 15, 2005. A description of
certain interests of the directors and officers of NASDAQ is set
forth in NASDAQ's proxy statement for its 2005 annual meeting,
which was filed with the SEC on April 11, 2005. Additional
information regarding the interests of such potential participants
will be included in the definitive proxy statement and other
relevant documents to be filed with the SEC in connection with the
proposed merger. This news release may be deemed to include
forward-looking statements relating to Instinet Group. Certain
important factors that could cause actual results to differ
materially from those disclosed in such forward-looking statements
are included in Instinet Group's Annual Report on Form 10-K for the
fiscal year ended December 31, 2004, and other documents filed with
the SEC and available on the Company's website at
www.investor.instinetgroup.com. (C)2005 Instinet Group Incorporated
and its affiliated companies. All rights reserved. INSTINET and
INET are service marks in the United States. Instinet, LLC, member
NASD/SIPC, branded as Instinet, The Institutional Broker, Inet ATS,
Inc., member NASD/NSX/SIPC, branded as INET, The electronic
marketplace, Lynch, Jones & Ryan, Inc., member NASD/SIPC and
Bridge Trading Company, member NASD/SIPC are subsidiaries of
Instinet Group Incorporated which is a member of the Reuters family
of companies.
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