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Reported by Star-Bulletin staff & wire
Tuesday, October 10, 2000
Deutsche Bank woos discount broker
JERSEY CITY, N.J. -- Deutsche Bank AG, Europe's largest bank, offered to buy National Discount Brokers Group Inc., valuing the No. 11 online broker at about $1 billion to gain more retail clients in the biggest economy.NDB said it has received inquiries from other companies and hasn't accepted the bid from Deutsche, which owns 16 percent of the parent of market maker NDB Capital Markets and online brokerage NDB.com. NDB's board, which hired U.S. Bancorp Piper Jaffrey and Credit Suisse First Boston, is considering "strategic alternatives," the company said in a statement.
The Frankfurt-based bank offered $49 a share, almost double yesterday's close of $25.25. It would pay about $864 million in cash for the rest of the company. NDB shares closed up $22.44 today at $47.69.
Top Bridgestone exec relinquishes post
NASHVILLE, Tenn. -- Masatoshi Ono stepped down as CEO and chairman of the embattled Bridgestone/Firestone Inc. today, two months after the tire maker announced a massive recall. John Lampe, an executive vice president, was named the successor to Ono, who will return to the parent company at Tokyo and remain a member of the board of directors.
In other news . . .
MURRAY HILL, N.J. --Lucent Technologies Inc., the world's No. 1 maker of phone equipment, said earnings per share in the fourth quarter fell, its second warning in as many quarters and third this year. Its stock lost 94 cents to $31.38 in the regular session and then hit $24.75 in after-hours trading.