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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who started this subject6/10/2002 4:32:38 AM
From: supertip  Read Replies (2) of 12617
 
Share Trader Instinet to Buy Rival Island

Monday June 10, 3:30 AM EDT

LONDON (Reuters) - U.S. electronic share trader Instinet Group Inc agreed on Monday to buy rival Island ECN in an all-share deal valued at $508 million to strengthen its hand against fierce competition.

A marriage of Instinet, majority owned by Reuters Group Plc, and unlisted Island, its nearest rival, would create the largest alternative electronic trading network in stocks listed on the tech-heavy Nasdaq exchange -- second only to the exchange's own electronic trading platform.

The pair would command more than a fifth of Nasdaq volumes, compared with about 30 percent held by Nasdaq itself. The exchange plans to launch a new system, SuperMontage, this summer to win back traders lost to the alternative trading networks.

Announcing the deal, Reuters said Instinet, which had about $700 million in cash at end-December, would also issue a special dividend of $1 per share to all Instinet shareholders before the deal is settled.

Reuters, the London-listed news and information provider, currently owns about 83 percent of Instinet and is to receive $207 million of the dividend. It said it would own about 62 percent of Instinet after the deal.
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