National Discount Brokers Makes Play For REDI ECN
PR Newswire - March 03, 1999 10:51
JERSEY CITY, N.J., March 3 /PRNewswire/ -- National Discount Brokers Group, Inc. (NYSE: NDB) confirmed today that its affiliate, Equitrade Partners LLC, was engaged in preliminary acquisition negotiations with Spear, Leeds, & Kellogg. Equitrade is a specialist firm that oversees trading in approximately 168 common stocks on the floor of the New York Stock Exchange.
National Discount Brokers Group owns an approximately 46.8% interest in Equitrade. Arthur Kontos, Chief Executive Officer of NDBG, said that those negotiations were ongoing, but that no agreement or letter of intent had been signed and no formal written offer had been made by Spear, Leeds, & Kellogg. There can be no assurance that this transaction will be consummated and the transaction would be subject to regulatory approvals, including approval of the New York Stock Exchange. Mr. Kontos further stated that the proposed disposition is part of NDBG's strategic plan to focus its efforts on building the Internet brokerage services and fee based businesses of National Discount Brokers/ndb.com, its on-line discount broker. The execution services provided by Sherwood Securities Corp., a subsidiary of NDBG, remain a critical complement to ndb.com's strategic plan.
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