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Non-Tech : Ashton Technology (ASTN) -- Ignore unavailable to you. Want to Upgrade?

To: Nanchate who wrote (3495)	6/5/2000 2:45:00 PM
From: Nanchate	Respond to of 4443

MERRILL acquisition of HERZOG(NASD MM) dailynews.yahoo.com Monday June 5 1:08 PM ET Merrill in Talks to Buy Herzog-Sources NEW YORK (Reuters) - Merrill Lynch and Co. Inc. (NYSE:MER - news), the No. 1 U.S. brokerage, is in talks to buy one of the Nasdaq stock market's top share dealers, Herzog Heine Geduld, people close to the companies said on Monday. The acquisition would enable Merrill to beef up its Nasdaq market making operations, which currently employ some 40 traders. Merrill is likely to pay less than $1 billion for Herzog and is expected to announce the deal on Monday afternoon, the Dow Jones News Service reported earlier on Monday. Contacted by Reuters, Merrill and Herzog officials declined immediate comment. But people familiar with the situation said Merrill and Heine were in talks, although one person cautioned the companies had not yet reached a definitive agreement. Herzog Heine, which is based in Jersey City, N.J., ranks among the top 5 Nasdaq market makers, which include Knight/Trimark Group Inc. (NasdaqNM:NITE - news) and discount brokerage Charles Schwab Corp.(NYSE:SCH - news). Market makers help maintain a market in stocks by offering to buy and sell them. They make their money on the difference between the offer and asking price, or trading spread. Herzog, which was founded in 1926, makes markets in about 5,500 Nasdaq shares and says it handles about 8 to 10 percent of the exchange's volume. It also has a European unit, Herzog Heine Geduld International, which makes markets on the London Stock Exchange, Easdaq and the Frankfurt Stock Exchange. Merrill Lynch shares were down 1-5/16 to 106-7/8 in early afternoon trade on Monday on the New York Stock Exchange. ashtontechgroup.com