FX M&A: Tullett squares up to eSpeed

“Our first approach to eSpeed two years ago was rejected but we continue to regard the strategic fit with Tullett Prebon as compelling”  Terry Smith, Tullett Prebon

The approach by Tullett Prebon on April 18 to buy eSpeed, the US-listed subsidiary of Cantor Fitzgerald, was always likely to result in mud-slinging. What is perhaps surprising is that this started as soon as Tullett announced the mooted deal. There is a history of bad blood between Tullett and Cantor, stemming primarily from seemingly regular attempts by both companies to poach each others’ staff.