eSpeed (ESPD) Comments on Tullett Proposal and Recent Shareholder Statements
eSpeed, Inc. (NASDAQ: ESPD) commented on recent statements and proposals made by one of eSpeed's competitors and by certain shareholders in Schedule 13D filings in recent weeks.
The Company said on April 19th they sent a letter to Terry Smith of Tullett Prebon plc stating that the Board of Directors has been informed by its controlling stockholder, Cantor Fitzgerald, L.P., that it is not interested in selling its controlling interest in the Company to Tullett, in terminating its arrangements with eSpeed on the terms proposed by Tullett in its recent letters, or in proposing alternative terms to Tullett. The Company is not in a position to pursue Tullett's acquisition proposal because such a proposal cannot be consummated without the consent of our controlling stockholder.
Yesterday, Tullett Prebon disclosed its $12 offer for eSpeed.
Activist shareholders, Chapman Capital and WC Capital have been pushing for a sale of the company. Chapman also wants members of eSpeed's board replaced, an independent auditor to review the Joint Services Agreement and the conversion of all Class B common shares into Class A common stock