Instinet Group Receives Second Request from DOJ
June 17 2005 - 5:00PM
Business Wire
Instinet Group Incorporated (NASDAQ: INGP) announced today that in
connection with the Department of Justice's ("DOJ") investigation
under the Hart-Scott-Rodino Antitrust Improvements Act of its
pending acquisition by The Nasdaq Stock Market, Inc. ("Nasdaq"),
the DOJ has issued a Request for Additional Information and
Documentary Materials (a "Second Request") to Instinet Group
Incorporated ("Instinet") and Nasdaq. The Second Request suspends
the 30-day period in which the DOJ is required to conclude its
investigation and make a determination on the Nasdaq/Instinet
transaction. A new 30-day period will commence once Instinet and
Nasdaq substantially complete their replies to the Second Request.
The parties anticipated receiving this Request, and continue to
work with the DOJ. The parties believe that the Second Request
should not affect the anticipated timing of the merger closing.
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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