NDB gets Buy-out offer , NITE and brokers watch
JERSEY CITY, N.J., Oct. 10 /PRNewswire/ -- National Discount Brokers
Group, Inc. (NYSE: NDB) (the "Company"), the parent of NDB Capital Markets,
the Nasdaq market maker, and National Discount Brokers Corporation/NDB.com,
the online discount broker, announced today that it had received a proposal
from an affiliate of Deutsche Bank AG offering to acquire all of the
outstanding capital stock of the Company for $49 per share in cash. Deutsche
Bank through its affiliates currently owns approximately 16% of the
outstanding shares of the Company's common stock, most of which it purchased
from the Company in a June 2000 private transaction. The Deutsche Bank
proposal is subject to several conditions, including the approval of the
proposed transaction by the Board of Directors of the Company and the
Supervisory Board of Deutsche Bank and the execution of mutually satisfactory
definitive agreements. The Company and Deutsche Bank are continuing
discussions regarding Deutsche Bank's proposal.
The Company also reported that it had received inquiries from other
companies with regard to either a strategic merger with, or the possible
acquisition of, the Company and that its Board of Directors was currently
reviewing the Company's strategic alternatives.
The Company indicated that it has engaged US Bancorp Piper Jaffray and
Credit Suisse First Boston to serve as its financial advisors in connection
with this review by the Board. The Company also indicated that it was not
planning on making any further announcements regarding this matter until
either a definitive agreement has been executed with regard to a potential
transaction or the Board of Directors has determined not to pursue either a
strategic merger or the potential sale of the Company at this time.
There can be no assurance that any transaction with Deutsche Bank or any other
party will be agreed upon, or if agreed upon, consummated or as to the timing
thereof.
About National Discount Brokers Group, Inc.
Headquartered in Jersey City, New Jersey, National Discount Brokers Group,
Inc., an S&P 600 Small Cap Index company, is the parent company of two
operating financial services entities: National Discount Brokers
Corporation/NDB.com and NDB Capital Markets Corporation. NDB.com, which in
March 2000 was ranked #1 in the Barron's annual Best of Online Brokers survey,
on August 31, 2000 had 268,900 customer accounts, with assets of
$11.2 billion. NDB Capital Markets is a leading market maker, making markets
in over 4,000 NASDAQ and other OTC securities. For the fiscal year ended May
31, 2000, AutEx ranked NDB Capital Markets the seventh largest NASDAQ/OTC
market maker in the United States in terms of share volume. The Company and
its subsidiaries have offices in Jersey City, Los Angeles, Chicago, Denver and
Boston. Customers can access National Discount Brokers at ndb.com,
via the PowerBroker automated touch-tone telephone system (800-631-8884), or
by calling live representatives at 1-800-4-1-PRICE. Information about National
Discount Brokers Group, Inc. and its subsidiaries, as well as Investor
Relations information, may be found at the Company's website at
ndbgroup.com. |
