It’s well documented that Icap had a free run at EBS. Tullett Prebon was involved to an extent, but my view is that it was never serious; it’s only intention was to get Michael Spencer to pay more. I understand that Nasdaq took a peek, but the board was wary of selling to an exchange, and that the only other potential suitor was Thomson. I reckon the market should breathe a sigh of relief that nothing happened there.
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