Tullett Bids $12 for eSpeed (ESPD), Chapman Recommends Kozlowski or Ebbers As Ethics Officer

Earlier, Tullett Prebon plc confirmed that it has made an approach to eSpeed, Inc. (Nasdaq: ESPD) in relation to a possible acquisition by Tullett Prebon of eSpeed at a price of $12 per eSpeed Class A Common Share in cash.

Tullett said eSpeed referred this proposal to Cantor and has informed them that Cantor is not interested in selling its controlling interest on the terms proposed.

eSpeed has been an activist target of Chapman Capital, which today demanded the replacement of eSpeed Directors Albert Weis, John Dalton, Barry Sloane & Barry Gosin. Chapman Capital also reiterated its demands that the Board immediately retain an independent auditor to review the Joint Services Agreement, compel the conversion of all Class B common shares into Class A common stock, and engage an investment bank to maximize shareholder value via an auction of the Company.

Robert L. Chapman, Jr., Managing Member of Chapman Capital, said, "Chief Executive Howard Lutnick's three-kingdom reign over Cantor Fitzgerald, eSpeed and BGC Partners appears so infested with potential conflicts of interest and incestuous inter-company transactions that a completely new set of corporate governors may be required to exterminate any vermin from eSpeed's board room."

Chapman also mockingly said, "Following eSpeed's April 12th arguably belated decision to hire a 'Chief Ethics Officer,' I propose that either Dennis Kozlowski or Bernie Ebbers be considered to fill the position once they have been discharged from their respective prison cells."

Chapman's Press Release