E-Speed rejected a $350m offer from Tullett Prebon in the same week it was ridiculed in a public dressing down by one of its major shareholders.
Tullet, the world's second-largest interdealer broker, bid for $12 per E-Speed share called for a number of conditions, including that it be completely separated from its parent company, Cantor Fitzgerald - a major competitor to Tullet.
Tullet also called for the conversion of all E-Speed Class B shares to Class A shares. The Class B shares are a supermajority voting class which is owned by Cantor...