Source: Instinet Group Incorporated
Instinet Group Incorporated (Nasdaq-INGP) ("Instinet Group") today announced that, with a majority vote, its shareholders adopted the merger agreement between Instinet Group and The Nasdaq Stock Market, Inc. ("NASDAQ")(NASDAQ: NDAQ) that was entered into on April 22, 2005, pursuant to which NASDAQ will acquire Instinet Group.
NASDAQ will acquire all outstanding shares of Instinet Group for an aggregate purchase price of approximately $1.88 billion in cash.
Completion of the transaction is still subject to customary conditions, including regulatory approvals. Instinet Group expects that the merger will be completed during the fourth quarter of 2005 at which time each shareholder will have the right to receive approximately $5.10 per share.